One of Dallas’ most notable mixed-use developments has solidified its financial standing with a refinancing deal.
A joint venture between KB Asset Management Company and RED Development has secured a $227 million loan for The Union complex at 233 North Field Street in Uptown, the Dallas Business Journal reported. The debt amounts to almost $284 per square foot.
The two-year loan, issued by Goldman Sachs with three one-year extension options, was arranged by JLL’s Jim Curtin, Greg Napper and Rex Cruz. KB Asset Management is based in Seoul, and RED Development is based in Phoenix.
The Union is an 800,000-square-foot, three-building complex constructed in 2018. It includes a 22-story office tower spanning 417,000 square feet, a 309-unit apartment highrise and 87,000 square feet of retail.
The office component is 98 percent leased, with major tenants such as Salesforce, Invesco, Akin Gump, and Weaver. Amenities such as a tenant lounge, conference center and fitness center have contributed to its high occupancy.
Retail tenants include grocery store Tom Thumb and restaurants The Henry and North Italia.
The complex is in Dallas’ most-desirable submarket for office and multifamily, Uptown, which is also the scene of Texas’ burgeoning Y’all Street.
The Union’s refinancing follows several other high-profile North Texas refinancings.
Recent deals include Partners Group’s $210 million for the Ritz-Carlton hotel in Irving, and Westdale Real Estate Investment and Management’s $115 million for The Epic office towers in Deep Ellum.
— Andrew Terrell
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