DALLAS — JLL has arranged a $596 million CMBS loan for the refinancing of a portion of The Crescent, a 1.3 million-square-foot mixed-use development located in Uptown Dallas.
Goldman Sachs and J.P. Morgan provided the debt to the owner, Crescent Real Estate, and the three-year, floating-rate loan will refinance the property’s three office towers and the retail atrium building. Crescent Real Estate has owned, sold and reacquired its namesake mixed-use development multiple times since the 1990s.
Completed in 1986 on roughly 11 acres, The Crescent consists of three office towers with ground-floor retail space totaling 1.2 million square feet; a three-story, 167,510-square-foot atrium building; the Hotel Crescent Court; The Spa at The Crescent; 11 restaurants and various high-end retail shops.
After several renovations over the past five years, The Crescent also features a mix of updated amenities such as a full-service fitness center, two salons, an art gallery and a multi-level parking garage.
Tenants at the property — which is 90 percent leased — include Jeffries, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James and UBS. Weil, Gotshal & Manges LLP, along with Westwood Management, have also both recently signed office lease renewals at the development.
The debt advisory team at JLL that arranged the financing included Trey Morsbach, Jim Curtin and Christopher Pratt.
Fort Worth-based Crescent Real Estate maintains more than $10 billion in assets under management, development and investment. Crescent’s real estate portfolio consists of creative office and life sciences, multifamily, hospitality, industrial and senior living properties located throughout the United States, including The Ritz-Carlton, Dallas.