US real estate company Hillwood, founded by former independent presidential candidate Ross Perot, has taken out a 94 million US dollar loan to refinance an industrial property in the Dallas-Fort Worth metropolitan area.
Lender Affinius Capital is providing the funding for three logistics warehouses totalling 1.2 million square feet at Crossroads Logistics Park in Midlothian, Texas. The proceeds from the financing are intended to further advance the ongoing full letting of the properties, specifically Buildings 1, 2 and 4, which were completed in 2023.
Location strengths in the Texan logistics market
Costa Kontoulis, Managing Director at Affinius Capital, highlighted his firm's industry expertise in the industrial sector. According to him, Crossroads Logistics Park meets the requirements of today's occupiers regarding space scale, functionality and transport connections in one of the country's most important distribution markets. Given the three modern new developments and connectivity to the Dallas-Fort Worth region, it presents a sound opportunity to support Hillwood during the park's leasing and stabilisation phase.
The complex is situated at 1011 John Clark Road, approximately 28 miles south-west of Downtown Dallas. According to Affinius, the site benefits notably from its proximity to major highways, including Interstate 20 and Interstate 35. Dallas-Fort Worth International Airport is located around 33 miles north of the site.
Parties involved in the transaction
The financing transaction was arranged by the capital markets team at advisory firm JLL. Trey Morsbach, John Rose, Jarrod McCabe, Ryan Pollack, Chad Lisbeth and Scott Harbert acted on the advisory side. Hillwood initially did not provide a comment following an enquiry.
- —Financing volume: 94 million US dollars for refinancing and supporting the letting process
- —Property scope: Three logistics warehouses built in 2023 with 1.2 million square feet of lettable area
- —Location: Crossroads Logistics Park in Midlothian, Texas, close to Interstates 20 and 35
- —Parties involved: Borrower Hillwood, lender Affinius Capital, arranged by JLL
