Lincoln JV Capitalizes $200M Dallas Project
Welltower issued the debt.
A joint venture of RAMROCK Real Estate, Lincoln Property Co. and Willow Bridge Property Co. has capitalized the redevelopment of 8300 Douglas, a mixed-use project set to include a 147-unit residential tower and a 300,000-square-foot office building in north Dallas.
JLL Capital Markets arranged the equity placement and construction financing from a single capital source. Welltower provided the debt, according to public records. Development costs clock in at $200 million, as reported by People Newspapers.
Partners on the project, which include HKS Architects, Michael Hsu Office of Architecture, SJL Design Group and OJB Landscape Architecture, aim for LEED and Fitwel certifications for the commercial component, while meeting City of Dallas Green Building program guidelines for the multifamily portion. Completion is expected in 2028.
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Rising between the Preston Hollow and University Park neighborhoods, the project takes shape on a roughly 5-acre site, replacing a former 125,000-square-foot office building owned by RAMROCK.
The residential tower will rise 17 stories, five levels higher than its office counterpart. Floorplans call for one- to three-bedroom layouts, with the property set to feature a gym, an indoor spa, coworking spaces, a sauna and a swimming pool.
JLL Capital Markets Americas CEO Mark Gibson, Senior Managing Directors Jim Curtin and John Rose, as well as Managing Director Clint Coe, Vice President Ryan Pollack and Analyst Campbell Swango, arranged the financing.
Dallas’ pipeline persists amid mounting completions
Throughout Dallas-Fort Worth, 3.6 percent of the metro’s multifamily stock came online on a trailing 12-month basis as of April, according to a Yardi Matrix report. Houston had fewer new units (1.7 percent), while Austin, Texas (6.7 percent) led throughout the Southwest.
The Metroplex still had about 51,000 units under construction across 180 projects as of June, the data provider shows. One of the developments underway is StreetLights Residential and Mitsui Fudosan’s 365-unit, 20-story tower. Construction began earlier this year with completion expected in 2029.
This work-and-play model blending residential and office space across two separate towers has also been gaining traction in Dallas. McCourt Partners and HN Capital Partners plan to develop the Hi Line Square, a project on track to feature a 30-story multifamily tower and 17-story office building.
