CMC Railroad, the rail service partner for Gulf Inland Logistics Park, closed an $87.9 million credit facility with Bank of Texas, a division of BOK Financial. The facility refinances CMC Railroad’s existing indebtedness and provides additional financial capacity to expand its rail infrastructure, storage capacity and operations at Gulf Inland Logistics Park.
The new credit facility with Bank of Texas positions CMC Railroad to undertake an expansion of its operations at Gulf Inland, including the planned addition of approximately 1,100 railcar storage spaces, bringing the total to 2,000. The financing also provides flexibility to invest in track infrastructure, transload facilities and other railroad improvements necessary to support growing demand from tenants and customers.
“This strategic financing comes at a time when it is critical to meaningfully expand infrastructure and operations at Gulf Inland Logistics Park,” Marcus Goering, principal at CMC Railroad, said. “With Phase One of development complete, demand continues to grow for Phase Two and the continued advancement of Gulf Inland and CMC Railroad facilities.”
Paul Connor, principal at CMC Railroad, added, “It is clear that Bank of Texas understands our business, our assets, and our long-term strategy, and we appreciate their confidence in our continued growth.”
George Sarvadi, relationship manager at Bank of Texas, said, “Bank of Texas is excited to support CMC Railroad through this new credit facility. The bank is committed to supporting rail infrastructure development in Houston and is thrilled with the work CMC is doing to provide essential rail services to the region. This financing will help position the company for continued growth while supporting critical transportation infrastructure that serves Gulf Inland Logistics Park, its tenants and the broader Houston industrial market.”
