{"id":1004356016,"date":"2019-09-27T03:35:56","date_gmt":"2019-09-27T11:35:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004356016"},"modified":"2019-09-27T03:35:56","modified_gmt":"2019-09-27T11:35:56","slug":"financing-paves-way-for-550-ksf-dallas-mixed-use","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/financing-paves-way-for-550-ksf-dallas-mixed-use\/","title":{"rendered":"Financing Paves Way for 550 KSF Dallas Mixed-Use"},"content":{"rendered":"<div id=\"attachment_1004356022\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/2999-Turtle-Creek-Blvd.-Rendering-courtesy-of-JMJ-Development-e1569583340729.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004356022\" data-attachment-id=\"1004356022\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/financing-paves-way-for-550-ksf-dallas-mixed-use\/2999-turtle-creek-blvd-rendering-courtesy-of-jmj-development\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/2999-Turtle-Creek-Blvd.-Rendering-courtesy-of-JMJ-Development-e1569583340729.jpg\" data-orig-size=\"680,510\" data-comments-opened=\"0\" 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;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"2999 Turtle Creek Blvd. Rendering courtesy of JMJ Development\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;2999 Turtle Creek Blvd. Rendering courtesy of JMJ Development&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/2999-Turtle-Creek-Blvd.-Rendering-courtesy-of-JMJ-Development-e1569583340729.jpg?w=680\" class=\"size-medium wp-image-1004356022\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/2999-Turtle-Creek-Blvd.-Rendering-courtesy-of-JMJ-Development-e1569583340729.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/2999-Turtle-Creek-Blvd.-Rendering-courtesy-of-JMJ-Development-e1569583340729.jpg 680w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/2999-Turtle-Creek-Blvd.-Rendering-courtesy-of-JMJ-Development-e1569583340729.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004356022\" class=\"wp-caption-text\">2999 Turtle Creek Blvd. <em>Rendering courtesy of JMJ Development<\/em><\/p><\/div>\n<p>JMJ Development has secured financing for the purchase of an approximately 2.5-acre site in Dallas that will become home to a 548,800-square-foot luxury mixed-use destination. Madison Realty Capital provided the developer with a $32.5 million acquisition loan.<\/p>\n<p>The project site, located at 2999 Turtle Creek Blvd., sits in Dallas&#8217; affluent Turtle Creek neighborhood. The property is currently home to a two-story, 25,000-square-foot office building that opened in 2004. JMJ plans to transform the site with the construction of a 25-story tower featuring a 177-key hotel and 97 upscale residential condominium units. A five-level, 397-space subterranean parking facility will replace an existing, single-story below-ground garage.<\/p>\n<p>Madison was keen to provide financing for the Turtle Creek project due in no small part to the <a href=\"https:\/\/www.commercialsearch.com\/news\/lasalle-investment-buys-dallas-value-add-community\/\">Turtle Creek neighborhood<\/a>&#8216;s strong demographic and economic fundamentals. The real estate private equity firm believes the area&#8217;s wealth of successful office, retail and restaurant offerings will provide a fertile environment for the premier lodging and residential destination.<\/p>\n<p>JMJ&#8217;s next steps toward bringing its 2999 Turtle Creek development to fruition include the closing of agreements for the flagship hotel and completion of construction drawings. The mixed-use project will count as its neighbors the five-star Rosewood Mansion hotel, the Turtle Creek Village office and retail property and a planned 350,000-square-foot office tower.<\/p>\n<h2>The expanding mixed-use landscape&nbsp;<\/h2>\n<p>From the city limits to the suburbs, mixed-use properties are <a href=\"https:\/\/www.commercialsearch.com\/news\/the-transformation-of-the-dfw-suburbs\/\">popping up across metropolitan Dallas<\/a>. Notable projects in Dallas proper include Four Rivers Capital&#8217;s 290,000-square-foot Weir&#8217;s Plaza office and retail project, which landed a $108.4 million construction loan from PCCP.<\/p>\n<p>Todd Interests recently took the reins for the $450 million redevelopment of the 1401 Elm St. office building into a hotel, apartment and retail tower; financing for the undertaking includes a bridge loan from Octagon Finance. And <a href=\"https:\/\/www.commercialsearch.com\/news\/ubers-450-ksf-epic-dallas-lease\/\">Uber recently inked<\/a> a 450,000-square-foot lease that kicked-off development of the final office structure at Westdale Real Estate Investment and Management&#8217;s The Epic live-work-play development.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JMJ Development landed a $32.5 million loan for the purchase of a 2.5-acre site where it plans to build a hotel and residential tower.<\/p>\n","protected":false},"author":969,"featured_media":1004356022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21808,21825,21752,21742],"tags":[47189,33241,33053],"class_list":["post-1004356016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-featured","category-finance","category-mixed-use","category-latest","tag-jmj-development","tag-madison-realty-capital","tag-pccp-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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