JLL secures $290m loan for construction of Parkside Uptown in Dallas
JLL’s Capital Markets group has successfully arranged a $290 million construction loan for Parkside Uptown, a forthcoming trophy Class AA office tower in Uptown Dallas. This financing, secured on behalf of developer Pacific Elm Properties, comes from the Real Estate group within Goldman Sachs Alternatives. The loan is a four-year, floating-rate agreement set to support the completion of the office tower by 2027.
Parkside Uptown is designed to be a standout structure in the Dallas skyline, offering approximately 500,000 square feet of premium office space across 30 stories. The building promises to deliver an array of top-tier amenities including a sky lobby and lounge, outdoor tenant terraces, state-of-the-art fitness facilities, and ground-floor retail spaces. Notably, Bank of America has pre-leased 49% of the space, underscoring strong market demand.
The office tower is ideally located at the intersection of Harwood Street and Woodall Rogers Freeway, adjacent to the 5.2-acre Klyde Warren Park. This prime location effectively bridges Uptown and Downtown Dallas, offering easy access to a plethora of dining and entertainment options.
JLL arranges a substantial $290 million construction loan for the Parkside Uptown office tower. Photo courtesy of PRNewswire/JLL.
According to JLL Research, buildings like Parkside Uptown with extensive amenities are increasingly outperforming the broader market. Features such as roof terraces and outdoor seating areas are particularly valuable, commanding significant rent premiums due to their appeal.
The debt advisory for this significant financial arrangement was expertly handled by JLL’s team led by Executive Managing Director Trey Morsbach, along with Senior Managing Directors Jim Curtin and Michael Cosby, and Managing Director Greg Napper. Their efforts exemplify JLL’s commitment to providing top-tier capital solutions for real estate investors and occupiers globally.
JLL’s Capital Markets group is recognized for its deep local market insight and extensive global investor network, facilitating optimal investment sales and advisory services, including debt and equity advisory as well as recapitalization efforts. The firm boasts over 3,000 specialists in nearly 50 countries, reinforcing its position as a global leader in real estate services.
The strategic financing of Parkside Uptown not only highlights the vibrancy of the Dallas real estate market but also underscores the effectiveness of JLL’s global capabilities in navigating complex capital solutions. This project is poised to be a benchmark for future developments in high-demand urban areas.