KB Asset Management and RED Development have successfully secured a $227 million refinancing deal for The Union, a mixed-use development located in the Uptown area of Dallas. This property includes both office and retail spaces, totaling 505,994 square feet with an impressive occupancy rate of 98%. Completed in 2018, the 21-story office tower offers nine levels of parking as well as top-of-the-line amenities such as a green space deck for entertainment purposes, tenant lounge areas, conference facilities and a modern fitness center complete with locker rooms. The building is currently occupied by prominent tenants including Salesforce, Invesco,Akin Gump,and Weaver.
The retail portion of The Union Dallas features popular establishments like Tom Thumb grocery store along with Fox Restaurant Concepts’ The Henry and North Italia. JLL Debt Advisory team members Jim Curtin,Greg Napper,and Rex Cruz played key roles in securing this two-year loan from Goldman Sachs on behalf of the joint venture involved. With three one-year extension options available,this financing deal will provide stability to KB Asset Managementand RED Developmentas they continue to manage this thriving development known as The Union.
