Hillwood, a real estate firm founded by former Independent presidential candidate Ross Perot, has secured a $94 million loan to refinance an industrial property in the Dallas-Fort Worth region. That number says more than any press release.
Affinius Capital supplied the loan for three warehouse facilities encompassing 1.2 million square feet at Crossroads Logistics Park in Midlothian, Texas. Proceeds from the loan will be used to facilitate continued lease-up of the property, comprising Buildings 1, 2 and 4, that were built in 2023.
I read this as a lender underwriting future occupancy, not current cash flow.
JLL arranged the transaction. The JLL capital markets team consisted of Trey Morsbach, John Rose, Jarrod McCabe, Ryan Pollack, Chad Lisbeth and Scott Harbert.
Crossroads Logistics Park is located at 1011 John Clark Road, 28 miles southwest of Downtown Dallas. The property benefits from access to major highways including Interstate 20 and Interstate 35, according to Affinius.
The property is also 33 miles south of Dallas-Fort Worth International Airport.
To me, this suggests lenders with industrial conviction will finance lease-up risk for well-located, newly built product.