Creation Equity And PGIM Secure $65.5M Construction Loan From Veritex Bank And Comerica Bank In Dallas

The property asset involved in this transaction is a development site located at 11645 Newberry Street in Dallas. The site spans 595,688 square feet and consists of 36 acres. A construction loan amounting to $65,500,000 was secured for the project, which is part of a three-building industrial development known as 635 Exchange. The anticipated completion date for this project is October 2026, featuring clear heights up to 36 feet and capacity for 498 cars and 132 trailers.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $65,500,000
• Address: 11645 Newberry Street
• Market: Dallas
• Asset Size: 595,688 SF
• Acres: 36
• Lender: Veritex Bank & Comerica Bank
• Landlord: David Sellers & Bob Agahi - Creation Equity; Jacques Chappuis & Cathy Marcus - PGIM
• Brokers: Gregory Napper, Luke Rogers & Charlie Mossy - JLL

Creation Equity and PGIM Real Estate are the key parties involved as landlords, facilitating the construction loan arranged by JLL. The development highlights significant collaboration among well-established entities in the real estate sector, underscoring the strategic planning behind 635 Exchange, a project situated on a former landfill.