KB, RED Obtain $227M Refi on The Union

KB Asset Management and RED Development have inked a $227 million refinancing for The Union, a mixed-use development in Dallas’s Uptown submarket.

The property consists of The Union’s office and retail components, totaling 505,994 square feet, which are 98% leased. The 21-story office tower, completed in 2018, includes nine levels of garage parking and market-leading amenities, including a greenspace amenity deck with entertainment space, 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 tenants, including Salesforce, Invesco, Akin Gump and Weaver.

The retail space at The Union Dallas is anchored by a Tom Thumb grocery store, and Fox Restaurant Concepts The Henry and North Italia.

Jim Curtin, Greg Napper, and Rex Cruz led a JLL Debt Advisory team that worked on behalf of the joint venture to secure the two-year loan with three one-year extension options with Goldman Sachs.