At a glance
- Connect CRE reported the financing Nov. 6, citing the South Florida Business Journal.
- The mortgage covers the 16.2-acre property at 5325 S. University Drive, which Dalfen bought for $17.5 million in late 2025.
- The loan works out to about $172 per square foot of warehouse and roughly 1.5 times the $17.5 million land price, a comparison point for private credit allocators.
Dalfen Industrial borrowed $26 million from CIBC Bank USA to build a 151,000-square-foot warehouse in Davie, Florida, on the site of a closed bowling alley. Connect CRE reported the financing Nov. 6, citing the South Florida Business Journal.
The mortgage covers the 16.2-acre property at 5325 S. University Drive, which Dalfen bought for $17.5 million in late 2025. The 60,000-square-foot Sparez bowling alley closed soon after the purchase and is still standing.
The loan works out to about $172 per square foot of warehouse and roughly 1.5 times the $17.5 million land price, a comparison point for private credit allocators. Total project cost was not disclosed.
HGR Construction obtained the permit to demolish the existing building and construct the warehouse, which would have a 35-foot clear height and 292 parking spaces, 53 for trucks and trailers. At 151,000 square feet on 16.2 acres, the building would cover about a fifth of the site.
Reported by the Real estate debt desk from Connect CRE. Published . Corrections