{"id":1004733944,"date":"2024-10-22T04:07:36","date_gmt":"2024-10-22T12:07:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733944"},"modified":"2024-10-28T08:19:05","modified_gmt":"2024-10-28T16:19:05","slug":"red-development-jv-secures-227m-refi-for-dallas-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/","title":{"rendered":"RED Development JV Secures $227M Refi for Dallas Tower"},"content":{"rendered":"\n<p>A joint venture of KB Asset Management Co. Ltd. and RED Development has received a $227 million refinancing loan for the office and retail component of The Union, an 800,000-square-foot mixed-use property in Dallas\u2019s Uptown submarket.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004733964\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/the-union-4\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg\" data-orig-size=\"800,600\" 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;0&quot;}\" data-image-title=\"The Union\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Union tower in Uptown Dallas is owned by KB Asset Management Co. Ltd. and RED Development. Image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg\" alt=\"The Union tower in Uptown Dallas is owned by KB Asset Management Co. Ltd. and RED Development\" class=\"wp-image-1004733964\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">The office tower at The Union in Uptown Dallas is owned by KB Asset Management Co. Ltd. and RED Development. <em>Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The two-year loan from Goldman Sachs has three one-year extension options. JLL Capital Markets arranged the financing.<\/p>\n\n\n\n<p>The refinanced property comprises office and retail spaces, which total 505,994 square feet and are 98 percent leased. <\/p>\n\n\n\n<p>The 21-story Class A office tower was completed in 2018 and features nine levels of garage parking. Tenants have access to an amenity deck with entertainment space, a tenant lounge, a fully equipped conference center and a fitness facility with locker rooms.<\/p>\n\n\n\n<p>Salesforce, Invesco and the Dallas offices of law firm Akin Gump and accounting\/advisory firm Weaver are among the property\u2019s tenants. The project\u2019s retail space is anchored by a Tom Thumb grocery store and the only Dallas locations for Fox Restaurant Concepts\u2019 The Henry and North Italia.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/coworking-spaces-surge-amid-changing-demand\/\">Coworking Spaces Surge Amid Changing Demand<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The location on North Field Street in Uptown offers easy access to Victory Park, the Harwood District and downtown Dallas. It also boasts connectivity via Woodall Rogers Freeway, the McKinney Avenue Trolley and the DART Rail station.<\/p>\n\n\n\n<p>The JLL Debt Advisory team was led by Senior Managing Director Jim Curtin, Managing Director Greg Napper and Vice President Rex Cruz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-settling-down\">Settling down<\/h2>\n\n\n\n<p>The Dallas\u2013Fort Worth office market continues to slowly stabilize, although leasing still lags its historic pace, \u201csuggesting that it will take considerable time for tighter market fundamentals to return,\u201d according to a third-quarter report from Avison Young.<\/p>\n\n\n\n<p>One of the challenges for landlords is that most recent leases have been for smaller tenants or for those that are upgrading\u2014but also downsizing\u2014their spaces to adjust for hybrid work arrangements, Avison Young reports.&nbsp;<\/p>\n\n\n\n<p>The Uptown submarket has seen a modest delivery total of 364,000 square feet year-to-date, though about 2.1 million square feet are currently underway. The submarket has a total availability of 26.7 percent, which is up slightly, year-over-year.<\/p>\n\n\n\n<p>A couple of sizable recent office deals seem to span the range of ups and downs in the Dallas market.<\/p>\n\n\n\n<p>Just last month, a joint venture of Enverra Real Estate Partners and Gulf Coast Western <a href=\"https:\/\/www.commercialsearch.com\/news\/distressed-dallas-office-campus-changes-hands\/\">acquired Parkway Office Center North and South<\/a>, a two-building, 230,000-square-foot distressed office campus in Dallas. The seller was Principal Financial, the asset\u2019s former lender, which had foreclosed on the previous borrower, ORBIS Real Estate Fund I, an investment vehicle managed by APEX Pacific Partners Advisors.<\/p>\n\n\n\n<p>Oil and gas company Gulf Coast Western is the largest tenant at the campus and has been there for more than a decade.<\/p>\n\n\n\n<p>In contrast, back in April, a joint venture between Pacific Elm Properties and KDC <a href=\"https:\/\/www.commercialsearch.com\/news\/pacific-elm-kdc-land-290m-for-dallas-office-project\/\">secured a $290 million construction loan<\/a> for Parkside Uptown, a 30-story, 500,000-square-foot office project in Dallas. Goldman Sachs Alternatives provided the four-year, floating-rate note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Salesforce and Invesco are among the property\u2019s tenants. <\/p>\n","protected":false},"author":882,"featured_media":1004733964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21808,21825,21752,21742,21747,21749,51973],"tags":[33022,33435,44006,44177],"class_list":["post-1004733944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-featured","category-finance","category-mixed-use","category-latest","category-office","category-retail","category-southwest","tag-avison-young","tag-goldman-sachs","tag-jll-capital-markets","tag-red-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RED Development JV Secures $227M Refi for Dallas Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KB Asset Management Co. Ltd. and RED Development have secured a $227 million refinancing loan for The Union office tower in Dallas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RED Development JV Secures $227M Refi for Dallas Tower\" \/>\n<meta property=\"og:description\" content=\"KB Asset Management Co. Ltd. and RED Development have secured a $227 million refinancing loan for The Union office tower in Dallas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-22T12:07:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-28T16:19:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/\",\"name\":\"RED Development JV Secures $227M Refi for Dallas Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/red-development-jv-secures-227m-refi-for-dallas-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Union.jpg\",\"datePublished\":\"2024-10-22T12:07:36+00:00\",\"dateModified\":\"2024-10-28T16:19:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"KB Asset Management Co. 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