JLL Capital Markets arranged refinancing for 3100 Monticello, a recently renovated, 175,193-square-foot office building in Dallas, Texas.
Working on behalf of the borrower, Prescott Group, JLL placed a five-year loan with a regional bank.
Originally built in the 1980’s, 3100 Monticello has undergone more than $4 million in upgrades to the lobby, tenant spaces, amenity offerings and HVAC systems throughout Prescott Group’s hold period. The nine-story property can accommodate tenants of both medium and small scales and is currently 90% leased to a diversified rent roll. On-site amenities include a fitness center, tenant lounge/grab-and-go and an underground parking garage, a unique feature for an asset of this vintage.
3100 Monticello is located in Highland Park, Dallas’ most affluent neighborhood with proximity to Knox-Henderson, Preston Center and Uptown Dallas. The property is easily walkable to more than 100 amenities, including dining, entertainment options and hotel accommodations, as well as the Katy Trail, a 3.5-mile urban greenway and popular recreational corridor. Major mixed-use developments surrounding the property include The Knox, Weir’s Plaza and the Terminal at Katy Trail. 3100 Monticello also offers convenient access for commuters as it’s just off the Central Expressway (Interstate 75) and close to the Dallas North Tollway.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Executive Managing Director Trey Morsbach, Senior Director Jarrod McCabe, Associate Jordan Buck and Analyst Riley Alam.
