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Heritage I & II
$35,800,000 Refinance + TIs/LCs Financing
Dallas, TX | November 2018
Thorofare Capital has funded a $35,800,000 Institutional Loan to refinance and lease up a 368,214 SF Class A office portfolio located north of downtown Dallas, TX (the “Property”). Proceeds from this refinancing will be used to pay off the original acquisition financing, fund capital improvements and cover all of the estimated TIs/LCs lease-up costs
Heritage I & II Office Complex is located at the intersection of the Dallas North Tollway and Interstate 635, approximately 10 miles directly north of downtown Dallas. The collateral consists of two similar 10 and 11-story multi-tenant office buildings with a total land area of 10.52 acres. There is a Sheraton Dallas located directly south of the property, luxury residential apartments directly west of the property and retail amenities to the north and east of the property. Parking is provided by two garages with 1,230 spaces (3.35 spaces per 1,000 SF).
Thorofare provided a competitively-priced 5-year, floating rate, non-recourse, interest-only loan featuring a future funding facility towards planned renovations and leasing costs.
The Sponsor is a Massachusetts-based private equity real estate investment firm that invests in value-add commercial real estate properties and related operating businesses.