Crescent Real Estate Equities LLC, a real estate company owned by Barclays Capital and Goff Capital based in Fort Worth, has secured a new $205 million mortgage loan for its office and retail complex in Dallas known as The Crescent, marking one of the largest real estate loans in Dallas in years according to a Dallas Morning News report. Metropolitan Life Insurance Co. provided the loan for The Crescent; Crescent Real Estate Equities also recently took out a loan from Northwest Mutual Life Insurance for $93 million for it's Trammell Crow Center in Dallas.
The Crescent, located on the edge of Dallas' Central Business District, totals 1,134,826 square feet of rentable space in 3 contiguous buildings with a 19-story center structure and two adjoining 18-story structures. Major tenants of the property include Goldman Sachs, Morgan Stanley, SmithBarney, Citibank, Credit Suisse, Deutsche Bank, Merrill Lynch and J.P. Morgan. The complex, originally built in 1986, also includes the Crescent Court Hotel, and reportedly cost an estimated $400 million to develop.
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