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| Waters Creek at Montgomery Farms, Allen, TX |
FORT WORTH, TX– A joint venture of Trademark Property Co.,
the Fort Worth-based retail and mixed-use development, investment and services
firm, Coventry Real Estate Advisors, a New York–based real estate investment
manager, Southern Land Co., a Tennessee-based multi-faceted real estate
developer, and Los Angeles-based PCCP, an integrated real estate finance and investment
management firm, announced the recapitalization of the Class A mixed-use
project, Watters Creek at Montgomery Farm, located just north of Dallas
in Allen, Texas.
The Joint Venture acquired the note on the property from a
multi-bank syndicate led by PNC Bank. PCCP provided the capital for the
transaction from its opportunistic fund, PCCP Equity VI, L.P., which targets
high quality real estate with distressed capital structures that need the
workout expertise combined with fresh equity capital that PCCP can bring.
The restructuring provides ownership the time and
flexibility to allow for Watters Creek to reach its full potential over the
next few years. Plans include the immediate execution of more than 25,000
square feet of new leases and the implementation of a wide range of property
improvements.
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| Lofts at Watters Creek |
Watters Creek is a 706,000 sf Class A mixed-use development
consisting of 100,000 sf of office, 356,000 sf of retail and the 233-unit Lofts
at Watters Creek multi-family apartments. Located at Bethany Drive and U.S. 75
in Allen, the project was developed and capitalized by Trademark, Coventry and
Southern Land and opened in 2008.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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