Blue Owl Funds $78.7M Construction Takeout Loan for JLL-Arranged Dallas Multifamily Deal

CHICAGO, July 21, 2026 — JLL has arranged $78.732 million in construction takeout financing for The Flynn at Live Oak, a newly completed five-story, 327-unit luxury multifamily community at 4931 Live Oak Street in Dallas, Texas. Blue Owl Capital provided the loan through funds it manages, with JLL representing the borrowers, Conor Commercial Real Estate and Globe Corporation, in the transaction.

Deal Structure and Key Parties

The financing replaces the original construction loan on the property, converting it to permanent debt now that the development has reached completion. At $78.732 million, the loan implies approximately $240,800 per unit and roughly $290 per square foot of residential space across the property's 271,931 square feet.

JLL Capital Markets' Debt Advisory team was led by Managing Director Lucas Borges, Senior Director Lauren Dow, Director Sam Tarter, and Senior Analysts Aidan Flanagan and Christian Johnston.

"The successful arrangement of construction takeout financing for The Flynn at Live Oak highlights the continued institutional appetite for well-located, Class A multifamily assets in high-growth urban infill markets," Tarter said. "This property's strategic position at the center of Dallas' most dynamic entertainment corridors, combined with its proximity to major employment centers and exceptional build quality, made it an attractive investment opportunity in today's market."

Conor Commercial Real Estate is the integrated real estate development and investment arm of The McShane Companies, headquartered in suburban Chicago with regional offices in Dallas, Irvine, and Phoenix. Globe Corporation, founded in 1901, manages and invests assets for the Getz Family across real estate investment, development, and property management, as well as capital markets investment; the firm is led by fourth-generation Getz Family members Bert A. Getz, Jr., and George F. Getz, who serve as Co-Chief Executive Officers. Blue Owl Capital, which trades on the NYSE under the ticker OWL, reported $315 billion in assets under management as of March 31, 2026, and invests across credit, real assets, and GP strategic capital platforms.

Property Profile: The Flynn at Live Oak

The Flynn at Live Oak sits at the intersection of several of Dallas's established entertainment and dining districts, including Lower Greenville, Deep Ellum, Henderson Avenue, and the Knox District. The property is approximately four minutes from Uptown and seven minutes from Downtown Dallas, providing access to more than 157,000 jobs in nearby employment centers.

The five-story community offers a mix of studio, one-, and two-bedroom apartments averaging 832 square feet. Interior finishes include stainless steel appliances, quartz countertops, hardwood-style flooring, and glass-enclosed showers. Community amenities include a 2,500-square-foot resort-style pool with a sun shelf, two outdoor courtyards with fire pits and grilling stations, a sky lounge with downtown views, a fitness center with outdoor yoga space, co-working offices, and a grab-and-go convenience store. The property provides 420 parking spaces with electric vehicle charging stations on every garage level.

Conor Commercial Real Estate developed the project as a ground-up construction effort, with an initial project cost of approximately $50 million at the time construction began. The property targets renters drawn to walkable access to entertainment districts and proximity to major employment hubs.

East Dallas Submarket Context

East Dallas has emerged as one of the Dallas-Fort Worth area's stronger multifamily submarkets, ranking third in the metro for both occupancy and rent performance. The submarket's positioning adjacent to Lower Greenville and Deep Ellum has attracted institutional-scale ground-up development in recent years, driven by renter demand from younger professionals and ongoing in-migration to the Dallas metro.

Dallas ranks first among major U.S. metros for corporate headquarters relocations, and Texas has held the top state for business designation for 21 consecutive years. The city is projected to add nearly 600,000 new residents by 2030, a demographic trend that underpins multifamily demand in urban infill locations like East Dallas.

Broader Capital Markets Implications

The transaction reflects ongoing institutional interest in permanent debt financing for newly delivered Class A multifamily assets in high-growth Sun Belt markets. Alternative credit platforms such as Blue Owl Capital have expanded their presence in real assets and multifamily debt, and this deal illustrates that construction-to-permanent capital remains available for well-located urban infill product with strong market fundamentals.

JLL Capital Markets operates as a full-service global provider of capital solutions, with more than 3,000 specialists in offices across nearly 50 countries. JLL, which trades on the NYSE under the ticker JLL, reported annual revenue of $26.1 billion and a global workforce of more than 113,000 as of March 31, 2026.

Sources

JLL Newsroom: Construction Loan for The Flynn at Live Oak in Dallas, Texas