{"id":1004031719,"date":"2011-08-19T05:47:34","date_gmt":"2011-08-19T13:47:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004031719"},"modified":"2022-12-08T15:47:13","modified_gmt":"2022-12-08T23:47:13","slug":"jll-secures-nearly-300m-in-loans-for-two-dallas-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-secures-nearly-300m-in-loans-for-two-dallas-properties\/","title":{"rendered":"JLL Secures Nearly $300M in Loans for Two Dallas Properties"},"content":{"rendered":"<p><strong>August 18, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<div id=\"attachment_1004031722\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-The-Crescent-Dallas.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004031722\" data-attachment-id=\"1004031722\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-nearly-300m-in-loans-for-two-dallas-properties\/081811-the-crescent-dallas\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-The-Crescent-Dallas.jpg\" data-orig-size=\"650,485\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"081811 &#8211; The Crescent Dallas\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Crescent&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-The-Crescent-Dallas.jpg?w=650\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081811-The-Crescent-Dallas.jpg\" alt=\"\" title=\"081811 - The Crescent Dallas\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004031722\" \/><\/a><p id=\"caption-attachment-1004031722\" class=\"wp-caption-text\">The Crescent<\/p><\/div><\/p>\n<p>Texas Gov. Rick Perry has been touting his state\u2019s record of job creation and economic growth in the last few weeks, and two loan deals secured by Jones Lang LaSalle are showing that you really shouldn\u2019t mess with Texas. The firm\u2019s capital-markets team has secured two loans in the last few days: a $205 million transaction for The Crescent, a 1.3 million-square-foot office complex, through MetLife; and a $93 million deal for Trammell Crow Center through Northwestern Mutual.<\/p>\n<p>\u201cTexas, overall, is doing well compared to other parts of the country,\u201d JLL managing director Paul House told <em>Commercial Property Executive<\/em>. \u201cRight from the start, we had great interest from multiple lenders on both properties.\u201d <\/p>\n<p>The Crescent, which includes 1.3 million square feet in three office towers as well as upscale retail space, is located adjacent to Dallas\u2019 Central Business District and is considered one of the premier assets in the city.  The Trammell Crow Center, a 1.1 million-square-foot Class A office tower in the arts district of Downtown, is the sixth-tallest building in the city. Both were covered by interest-only loans through the new lenders. <\/p>\n<p>\u201cBoth lenders did an interest-only loan, which may have been easy to get in 2006,\u201d House said. \u201cBut in 2011, it\u2019s harder to do. It was a pleasant surprise to see lenders be so competitive over these trophy assets. We brought the owners a menu of lenders and they picked the best of the best.\u201d<\/p>\n<p>According to a JLL report, the Dallas area is set to experience high growth. The most recent federal employment figures show that the city has added 83,100 jobs on a year-over-year basis, make it the national leader in job creation. The office market has seen a considerable uptick, with four consecutive quarters of strong positive net absorption. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL&#8217;s capital-markets team has secured two new loans: a $205 million transaction for The Crescent through MetLife and a $93 million deal for the Trammell Crow Center through Northwestern Mutual.<\/p>\n","protected":false},"author":1201,"featured_media":1004031722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21752,21742,21747],"tags":[],"class_list":["post-1004031719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-mixed-use","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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