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Sign in Sign up for a FREE subscriptionKB Asset Management, RED Development JV secure $227m in refinancing for The Union Dallas
A joint venture between KB Asset Management and RED Development has secured $227 million in refinancing for The Union, an iconic mixed-use development within the Uptown submarket of Dallas.
JLL worked on behalf of the joint venture to secure the two-year loan with three one-year extension options with Goldman Sachs.
The property consists of The Union’s office and retail components, totaling 505,994 square feet, which are 98 percent leased. The 21-story office tower, completed in 2018, includes nine levels of garage parking and market-leading amenities, including a green-space amenity deck with an entertainment area, a tenant lounge, a fully equipped conference center and a state-of-the-art fitness facility with locker rooms. Additionally, the office tower is leased to a collection of investment-worthy tenants, including Salesforce, Invesco, Akin Gump and Weaver.
The retail space at The Union Dallas is anchored by a Tom Thumb grocery store and the first and onl