$227M refinancing secured for The Union Dallas
JLL Capital Markets arranged the refinancing for the mixed-use development located in the premier Uptown Dallas submarket
DALLAS, Oct. 21, 2024 – JLL Capital Markets announced today it secured the $227 million refinancing for The Union, an iconic mixed-use development within the Uptown submarket of Dallas, Texas.
JLL worked on behalf of a joint venture between KB Asset Management Co., Ltd. and RED Development to secure the two-year loan with three one-year extension options with Goldman Sachs.
The property consists of The Union’s office and retail components, totaling 505,994 square feet, which are 98% leased. The 21-story office tower, completed in 2018, includes nine levels of garage parking and market-leading amenities, including a greenspace amenity deck with entertainment space, a tenant lounge, a fully equipped conference center and a state-of-the-art fitness facility with locker rooms. Additionally, the office tower is leased to a collection of investment-worthy tenants, including Salesforce, Invesco, Akin Gump and Weaver.
The retail space at The Union Dallas is anchored by a Tom Thumb grocery store and the first and only locations in Dallas for Fox Restaurant Concepts' The Henry and North Italia.
Located in the heart of Uptown, The Union offers easy access to Victory Park, Harwood District and Downtown. The property also boasts excellent connectivity via Woodall Rogers Freeway, McKinney Avenue Trolley and DART Rail station.
The JLL Debt Advisory team was led by Senior Managing Director Jim Curtin, Managing Director Greg Napper and Vice President Rex Cruz.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About KB Asset Management
KB Asset Management is a Seoul-based asset management firm founded in 1988. They are a leading asset manager in the Republic of Korea, providing investment management services for individuals and institutions across a broad range of sectors, including fixed income, public equity, real estate and infrastructure. The company has approximately $107 billion of assets under management as of December 2023 with 380 employees.
About RED Development
For more than 25 years, RED Development has been an industry leading, wholly integrated commercial real estate company known for its high-performing mixed-use and retail portfolio. A preferred partner for best-in-class retailers and investors, RED is known nationally for its vibrant, well-trafficked ground-up developments along with its keen expertise for remerchandising and repositioning existing properties to improve profitability and appeal. Headquartered in Phoenix, the privately held company’s portfolio is comprised of distinctive destinations across the Southwest and Midwest. For more information, visit REDdevelopment.com.