Angelo Gordon JV Secures $114M for Dallas Acquisition

2801 NCX. Image courtesy of JLL

A joint venture between OliveMill Holdings, Hunt Realty Investments and Angelo, Gordon & Co. secured $113.9 million in acquisition financing for 2801 NCX, a 240,000-square-foot office building in the West Village subsection of Uptown Dallas.

Working on behalf of the borrower, JLL Capital Markets arranged the five-year, floating-rate loan with a fund managed by AllianceBernstein.

2801 NCX changed hands last month, when the partnership bought the asset from advertising firm The Richards Group. Built in 2015, the Class AA development has 12 floors of office space fully leased to The Richards Group, according to CommercialEdge data.

Property details

Situated on 2.52 acres, the property also offers nine levels of parking for 609 vehicles, representing a parking ratio of 3.08 spaces per 1,000 square feet. Amenities include a fitness center, outdoor space on the 11th floor, as well as 10,000 square feet of first-floor retail, CommercialEdge data shows.

The property is located at 2801 N. Central Expressway in Uptown District, a burgeoning area whose population has increased by more 40 percent since 2010 and is expected to continue growing.

The CityPlace/Uptown DART light rail station is adjacent to 2801 NCX. Downtown Dallas is less than 3 miles south, while West Village Shopping Mall with its variety of retail, dining and entertainment options is less than half a mile northwest of the property.

Senior Managing Director Jim Curtin, Senior Director Kris Lowe, Vice President Rex Cruz and Analyst Ryan Pollack led the JLL Capital Markets team representing the borrower.

More than 28 million square feet of office space traded in the Dallas-Fort Worth market in 2021. CommercialEdge data shows that only a quarter of these office transactions in the Metroplex were Class A and A+ properties.