The Quad, a recently redeveloped office and retail complex in Uptown Dallas, has secured $228.2 million in refinancing for its redevelopment costs. The financing arrangement was handled by JLL Capital Markets on behalf of Stream Realty Partners, replacing an earlier $181 million construction loan that funded the project’s transformation.
The new five-year senior loan comes from an affiliate of KKR, a New York-based investment firm. A deed of trust recorded on November 11 confirms the transaction between KREF Capital, KKR’s real estate investment division, and SRPF B Quadrangle Property, which is owned by Stream Realty.
Opened in May 2024, The Quad comprises 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 totaling 345,000 square feet. As of September, about 80 percent of the space was leased to tenants such as M Financial Group, Revantage, Berkshire Residential, LDWW, Chicago Title, and law firm Perkins Coie. There is also a renovated legacy office building spanning 500,000 square feet.
The development includes several dining options that have opened since September. Michelin-starred Mamani joined the campus alongside Two Hands café from Australia, Korean-Japanese restaurant Domodomo Kō, and Michelin-recommended Written by the Seasons. Bread Club bakery is expected to open by the end of the year; LDU Coffee opened its sixth Dallas location on the site this summer. These venues are located around an acre of landscaped green space.
Stream Realty acquired the former Quadrangle property in 2019 with plans to revitalize it into a modern mixed-use destination. Redevelopment started in 2022 with support from the original $181 million loan.
The refinancing deal indicates lender confidence in urban office campuses despite broader challenges in the office sector. The Quad’s location near other major Uptown developments like 23Springs has contributed to its success. Uptown continues to attract tenants while avoiding high vacancy rates seen in traditional downtown districts following pandemic-related changes in work patterns.
