The Quad, a recently redeveloped office and retail campus in Uptown Dallas, has secured $228.2 million in refinancing for its redevelopment costs. JLL Capital Markets represented Stream Realty Partners in arranging the five-year senior loan, which replaces a previous $181 million construction loan. 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 deal between KREF Capital—KKR’s real estate investment arm—and owner SRPF B Quadrangle Property, a unit of Stream Realty.
The Quad opened in May 2024 and consists of two office buildings and six standalone retail structures located at 2828 Routh Street and 2699 Howell Street. Its main feature is a 12-story, 345,000-square-foot office tower that was approximately 80 percent leased as of September. Tenants include M Financial Group, Revantage, Berkshire Residential, LDWW, Chicago Title, and law firm Perkins Coie. The site also includes a renovated legacy office building spanning 500,000 square feet.
In addition to its office space, The Quad offers various retail and dining options. Michelin-starred Mamani opened in September alongside other establishments such as Australian café Two Hands, 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 while LDU Coffee launched its sixth Dallas location on the campus this summer. These venues are situated around an acre of landscaped green space.
Stream Realty acquired the former Quadrangle property in 2019 with plans to transform it into a modern hub for business and leisure. Redevelopment began in 2022 with support from the original $181 million loan.
The new refinancing indicates lender confidence in urban office campuses despite broader challenges facing the office market. The Quad’s location near other high-profile Uptown developments like the 26-story 23Springs has contributed to its success. Unlike some downtown areas that have struggled with vacant offices and reduced foot traffic after the pandemic, Uptown Dallas continues to attract tenants.
