The Quad, a newly redeveloped office and retail campus in Uptown Dallas, secured a $228.2 million refinancing.
JLL Capital Markets represented Stream Realty Partners in arranging the five‑year senior loan, which replaces a prior $181 million construction loan for the site’s redevelopment, the Dallas Business Journal reported. An affiliate of New York‑based investment firm KKR provided the financing, with a deed of trust recorded Nov. 11 confirming the deal between KREF Capital, the real estate investment arm of KKR, and owner SRPF B Quadrangle Property, a unit of Stream Realty. The company has major holdings in Houston and Austin.
Opened in May 2024, The Quad spans two office buildings and six standalone retail structures at 2828 Routh Street and 2699 Howell Street in Dallas. Its centerpiece is a 12‑story, 345,000‑square‑foot office tower that was about 80 percent leased as of September.
Tenants include M Financial Group, Revantage, Berkshire Residential, LDWW, Chicago Title and law firm Perkins Coie. The campus also features a renovated 500,000‑square‑foot legacy office building.
Beyond office leasing, The Quad has a vibrant retail and dining scene. Michelin‑starred Mamani opened in September, joining Australian café Two Hands, Korean‑Japanese restaurant Domodomo Kō, and Michelin‑recommended Written by the Seasons. Bread Club, an upscale bakery, is slated to open by year-end, while LDU Coffee launched its sixth Dallas site on the campus this summer. These establishments surround an acre of landscaped green space.
Stream Realty, run by CEO Chris Jackson, acquired the former Quadrangle in 2019 with the vision of transforming the aging site into a modern hub. Redevelopment began in 2022, backed by the original $181 million loan.
The refinancing signals lender confidence in urban office campuses, despite other challenges in the office market. The Quad has benefited from its position near other trophy Uptown developments such as the 26‑story 23Springs. Although Uptown has emerged as a downtown-like district for Dallas tenants, it has managed to avoid the fate of legacy downtowns with their vacant office towers and dwindling foot traffic post-pandemic.
— Joel Russell