Fort Worth-based Crescent Real Estate LLC secured a $596 million refinance for the Uptown Dallas landmark the firm is named after.
The new loan is for The Crescent’s office towers and atrium building, and the firm said the new loan gives them flexibility to make improvements at the property.
Andrew Lombardi, senior managing director and the firm’s CFO, said the refinancing “retired the original acquisition financing and reset the debt structure” for the 1.3 million-square-foot mixed-use complex.
“While not directly driven by recent rate cuts, we were able to materially reduce the interest rate,” he said in an email. “We plan on investing a material amount of the excess proceeds back into The Crescent.”
D-FW Real Estate News
Lombardi did not provide further details about the planned investment amount, the nature of the work or any potential timeline regarding the improvements.
JLL worked on behalf of Crescent Real Estate to secure the three-year, floating-rate CMBS loan through Goldman Sachs and J.P. Morgan.
JLL’s capital markets debt advisory team representing Crescent Real Estate was led by executive managing director Trey Morsbach, senior managing director Jim Curtin and director Christopher Pratt.
Built in the 1980s, the Crescent sits at 100, 200, 300 and 500 Crescent Court. Much of the complex centers around the three hulking office towers. It’s surrounded by Hotel Crescent Court and The Spa at The Crescent.
The property has been substantially renovated in the last five years. The office towers are 90% leased with tenants such as Jeffries, BankUnited, BMO Harris Bank, Wells Fargo, PNC Bank, Raymond James and others, JLL reports.
The refinancing comes after Crescent Real Estate went on a buying spree in 2025, expanding its massive holdings in Uptown.
In December, the firm purchased the 19-story property at 2100 McKinney Ave. from the seller, a joint partnership between Metropolitan Life Insurance Co. and New York Common Fund.
The sales price wasn’t disclosed, but Crescent obtained $170.4 million in loans to fund the deal, records show.
The firm purchased The Texas Capital Center at 2000 McKinney Ave. in October from German-based seller Union Investment.
The tower sold for just shy of $300 million. It was the largest office transaction last year in Dallas-Fort Worth.
Founded by billionaire John Goff, Crescent Real Estate purchased its namesake Crescent complex in a 2021 deal worth as much as $700 million.