JLL arranges $128.3M construction loan for Class AA office tower
World-class office project on one of the last developable sites in Uptown Dallas
DALLAS, August 19, 2019 – JLL announces that it has arranged a $128.3 million construction loan for the development The Link at Uptown, a Class AA office tower totaling 300,000 square feet in Uptown Dallas, Texas.
JLL worked on behalf of the developer, Kaizen Development Partners, to secure the five-year, floating-rate construction loan through Broad Street Real Estate Credit Partners III, an investment fund managed by the Merchant Banking Division of Goldman Sachs.
Located at 2601 Olive Street, The Link at Uptown is positioned on one of the last high-quality development sites remaining in the Uptown Dallas submarket. The site provides extraordinary visibility and convenient access to the Woodall Rogers Freeway, Dallas North Toll Road, Interstates 35 and 75, and the entire Uptown area. Additionally, the 25-story property will offer superior walkability to a variety of housing options, retail amenities, restaurants, and entertainment venues. The development’s location in the dynamic Uptown office submarket coupled with its unique core design and open floor plates will provide a deep pool of potential tenants to occupy the speculative office tower.
The JLL Capital Markets team representing the borrower was led by Senior Director De’On T. Collins.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Kaizen Development Partners
Kaizen Development Partners (KDP) is a commercial real estate developer specializing in office, mixed- use, and healthcare developments. KDP brings unencumbered creativity, marketplace knowledge and strategic vision to the built environment. Over the past ten years alone, the principals at KDP have developed approximately 2 million square feet of institutional quality projects valued close to $1 Billion. KDP is rooted by senior-level principals committed to delivering extraordinary value and service through innovative thought leadership, effective market positioning, conservative risk management, and hands-on project management. For further information, visit www.kaizendp.com.