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major mixed-use development in Dallas has secured a significant refinancing deal. KB Asset Management Company and RED Development, a joint venture, have obtained a $227 million loan for The Union complex at 233 North Field Street in Uptown. This debt amounts to approximately $284 per square foot and was arranged by JLL's Jim Curtin, Greg Napper, and Rex Cruz. Goldman Sachs issued the two-year loan with three one-year extension options.
The Union is an 800,000-square-foot complex consisting of a 22-story office tower, a 309-unit apartment highrise, and 87,000 square feet of retail space. The office component is nearly fully leased to prominent tenants such as Salesforce, Invesco, Akin Gump, and Weaver. Retail spaces are occupied by Tom Thumb, The Henry, and North Italia.
Located in the highly sought-after Uptown submarket, The Union's refinancing follows several other notable North Texas deals, including Partners Group's $210 million refinance of the Ritz-Carlton hotel in Irving and Westdale Real Estate Investment and Management's $115 million refinance of The Epic office towers in Deep Ellum.
