The Quad, a recently redeveloped office and retail campus in Uptown Dallas, has secured $228.2 million in refinancing. JLL Capital Markets represented Stream Realty Partners in arranging the five-year senior loan, which replaces a previous $181 million construction loan used for the site’s redevelopment, according to the Dallas Business Journal. The financing was provided by an affiliate of New York-based investment firm KKR, with a deed of trust recorded on November 11 confirming the agreement between KREF Capital—KKR’s real estate investment arm—and SRPF B Quadrangle Property, a unit of Stream Realty.
The Quad opened in May 2024 and includes two office buildings and six standalone retail structures at 2828 Routh Street and 2699 Howell Street. Its main feature is a 12-story office tower with 345,000 square feet that was about 80 percent leased as of September. Tenants include M Financial Group, Revantage, Berkshire Residential, LDWW, Chicago Title, and law firm Perkins Coie. The property also contains a renovated legacy office building measuring 500,000 square feet.
The campus offers various retail and dining options. Michelin-starred Mamani opened in September alongside Australian café Two Hands, Korean-Japanese restaurant Domodomo Kō, and Michelin-recommended Written by the Seasons. Bread Club is expected to open by year-end; LDU Coffee launched its sixth Dallas location at The Quad this summer. These venues are located around an acre of landscaped green space.
Stream Realty acquired the former Quadrangle site in 2019 with plans to transform it into a modern mixed-use development. Redevelopment began in 2022 with support from the original $181 million loan.
The new refinancing reflects lender confidence in urban office campuses despite broader challenges facing the office market. The Quad benefits from its proximity to other major Uptown developments such as the 26-story 23Springs. While Uptown has become similar to downtown districts for Dallas tenants, it has avoided high vacancy rates and reduced foot traffic seen elsewhere since the pandemic.
