Thorofare Capital Funds $36 Million Loan to Refinance Dallas, TX Office Complex
Heritage Square I & II is comprised of two multi-tenant high-rise buildings located 10 miles north of Downtown Dallas at the northwest corner of I-635 and the North Dallas Tollway. Parking for the complex is provided by two garages with 1,230 spaces (3.35 spaces per 1,000 SF). Heritage Square is bordered by a variety of amenities including the Dallas Galleria mixed-use development, a Sheraton hotel and luxury residential apartments. Brookwood acquired the property in 2013.
Proceeds from Thorofare's 36-month, interest only financing will be used to repay a maturing loan and provide funds for tenant improvements, leasing commissions and capital expenditures associated with stabilizing the 10- and 11-story buildings. Thorofare was able to close within 35 days from application to meet the sponsor's existing loan maturity date.
Thorofare was attracted to the opportunity based on the sponsor's institutional profile and market presence, combined with Dallas' strong economic growth forecast, according to Thorofare's Elliott Young, Director of Origination.
"Brookwood has more than $1 billion in assets under management across the country and an extensive track record of generating upper-quartile investment returns," Young said. "Further, at its low-cost basis, Brookwood will be able to offer prospective tenants quality space at attractive rents. The buildings recently underwent renovations which added a full suite of amenities for tenants, setting it apart from nearby office properties."
About Thorofare Capital
Thorofare Capital, Inc.(http://www.thorofarecapital.com) is a national commercial real estate loan origination and servicing company. The firm focuses on $5 million to $100 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. Its affiliate, Thorofare LLC, is a registered investment adviser specializing in alternative fixed-income opportunities through US commercial real estate debt investments. With a national presence, Thorofare has originated more than $1.6 billion structured as senior secured short and intermediate-
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