The Crescent Secures $600M CMBS Refi
JLL has arranged a $596M refinancing for The Crescent, a Class-A office property in Uptown Dallas.
JLL's Trey Morsbach, Jim Curtin and Christopher Pratt worked on behalf of Crescent Real Estate to secure a three-year, floating-rate CMBS loan through Goldman Sachs and J.P. Morgan, according to a JLL press release.
The new refinancing deal will cover the properties at 100-300 and 500 Crescent Court. This includes 1.2M SF of office space across three towers, as well as a 168K SF retail atrium.
JLL didn’t immediately respond to Bisnow's request for comment.
The Crescent was built in the 1980s and has become an icon of Uptown Dallas. The office space has attracted tenants such as PNC Bank, Raymond James, Jefferies and BMO Harris Bank, and it is 90% occupied. The campus underwent renovations over the last five years.
Office rents in Uptown Dallas have increased 57.1% since 2014, according to JLL data. CBRE reports that Uptown/Turtle Creek's Class-A vacancy rate is 24.9% across its more than 13.5M SF. This is lower than Dallas' overall Class-A vacancy average of 26.5%.
The deal reflects a resurgence in the office lending landscape. Office lending nearly doubled nationwide compared to the prior year, with lenders and buyers favoring trophy assets.
