JLL secures construction financing for major DFW industrial development

DALLAS, Sept. 10, 2025 –  JLL Capital Markets announced today it has secured construction financing for 635 Exchange, a Class A industrial development totaling 595,688 square feet across three buildings in Dallas, Texas.

JLL represented the borrower, a joint venture between Creation Equity and PGIM Real Estate, to secure the financing through a 50/50 syndication between Veritex Bank and Comerica Bank.

The 635 Exchange development occupies a 36.27-acre site at the corner of Interstate 635, the vital loop around Dallas, and Interstate 35E, a crucial north-south artery connecting Texas from Laredo to the Minnesota border. This strategic positioning provides tenants with swift access to more than 7.8 million consumers within a 60-minute drive and a rich talent pool of 2.6 million workers within a 30-minute commute. The development is also less than 20 minutes from Dallas-Fort Worth International Airport and Dallas Love Field, further enhancing air freight capabilities for potential tenants.

Scheduled for completion in October 2026, the industrial park comprises three rear-loading distribution buildings of 144,216 square feet, 208,000 square feet and 243,472 square feet with clear heights of 32 to 36 feet and truck courts ranging from 130 to 185 feet. Additionally, the development features 100 dock doors, six drive-in bays, 498 car parking spaces and 132 trailer parking spots across the three structures.

The JLL Capital Markets Debt Advisory team was led by Managing Director Greg Napper, Associate Luke Rogers and Analyst Charlie Mossy.

"The strong lender response to this opportunity reflects both the health of today's financing market and the enduring appeal of Dallas-Fort Worth industrial real estate," said Napper. "DFW's industrial sector has consistently delivered for investors through multiple economic cycles, supported by the region's role as a major logistics hub and its ability to attract new businesses and residents. The competitive terms we secured demonstrate that lenders recognize the value proposition of quality developments in markets with DFW's demographic and economic tailwinds."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Creation is a dynamic, nationally recognized firm specializing in real estate development, hospitality concepts and alternative investments from coast to coast. Led by founders David Sellers and Bob Agahi, the company has expanded its footprint with $3.3 billion in active development projects across eight states. Known for its comprehensive approach, Creation seamlessly manages every phase of the development process, from land acquisition and entitlement to design, construction, and sale—all handled in-house. Creation Ventures, the company’s innovation and investment arm, plays a pivotal role in incubating startups and nurturing bold ideas. Since 2015, it has co-founded multiple companies and supported over 100 emerging businesses across the U.S. With headquarters in both Phoenix and Dallas, Creation is recognized as one of the nation's fastest-growing companies, continuing to push boundaries in real estate and beyond. For more information, visit CreationEquity.com.

With US$212 billion in gross assets under management and administration¹, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing³, and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.

¹As of 30 Sept. 2024; net AUM is US$137 billion and AUA is US$47 billion.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state-chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), which is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $78.0 billion at June 30, 2025. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X, Instagram and LinkedIn.