Regent Properties has secured a $406 million refinancing for Trammell Crow Center, a 1.2 million-square-foot office tower in downtown Dallas. The new loan takes the form of a CMBS financing, with Wells Fargo and Morgan Stanley slated to provide the debt, according to reporting from Commercial Search. The high-rise, a prominent 49-story asset, continues to serve as a major office hub in the city’s downtown core.
The five-year note is structured with interest-only payments for its full term and carries a fixed interest rate of 7.45 percent. Regent is using the refinancing proceeds primarily to retire existing debt on the property. In addition to the new CMBS loan, the capital stack includes $19.6 million in fresh cash equity, which will be applied to establishing an upfront reserve and paying closing costs associated with the transaction.
Wells Fargo held the prior mortgage on Trammell Crow Center. Data from Yardi Matrix cited in the reporting indicates that the previous note totaled $424 million. The shift from the former loan to the new $406 million CMBS financing reflects a reworked debt profile for the property, with a focus on fixed-rate, interest-only payments during the next five years under the new structure.
Trammell Crow Center last changed hands in 2022, when JP Morgan Asset Management sold the tower to Regent for a reported $615 million. The transaction established Regent as the latest steward of a long-standing downtown office asset originally completed in 1984. The property has been the subject of significant investment in recent years, as ownership sought to keep the tower competitive in the evolving office landscape.
Between 2017 and 2019, the building underwent a substantial capital improvement program totaling $182 million. Those upgrades focused heavily on amenities, including the addition of a new fitness facility, refreshed ground-floor retail spaces, a tenant lounge and modern conference rooms. The repositioning effort was aimed at enhancing the tenant experience and strengthening the tower’s appeal to both existing and prospective occupiers.
Leasing metrics indicate that the investment program and subsequent operations have supported solid occupancy performance. As of July, Trammell Crow Center was reported to be 92.8 percent leased. The combination of a large, amenity-rich office tower, recent capital upgrades and a near-stabilized occupancy level provides the backdrop for Regent’s decision to lock in a medium-term, fixed-rate CMBS refinancing with bank lenders at this stage of the asset’s business plan.
