Regency Capital Partners

Watters Creek


Watters Creek

Summary

SAN FRANCISCO, California (December 5, 2012) – Regency Capital Partners (“RCP”) has arranged a $98.5 million loan from Prime Finance for the recapitalization of Watters Creek at Montgomery Farm (“Property”), a Class A mixed-use project, located just north of Dallas in Allen, Texas. The client is 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, LLC, an integrated real estate finance and investment management firm.

The Joint Venture acquired the note on the Property from a multi-bank syndicate led by PNC Bank. To close the transaction PCCP provided fresh equity from its new fund, PCCP Equity VI, in conjunction with the new loan provided by Prime. The PCCP Equity VI fund is focused on providing capital to situations requiring workout and restructuring expertise.

The recapitalization 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.

This unique opportunity for the Joint Venture required an abbreviated time frame to close the transaction. RCP was tasked with locating the optimum financing source and closing the loan within a 30-day time frame. Despite the difficult time pressure, RCP was able to secure multiple financing proposals resulting in a reliable, dependable structure from Prime Finance that closed with very favorable terms for the client.

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.


Transaction Details

LOAN AMOUNT $98,500,000
FINANCING TYPE Bridge
LENDER TYPE Credit Company
PROPERTY TYPE Mixed Use
PROPERTY ADDRESS
Map
970 Garden Park Drive
Allen, TX
PROPERTY DESCRIPTION This is a 706,000 sq. ft. Class A mixed use development consisting of 100,000 sq. ft. of office, 356,000 sq. ft. of retail, and 233-unit multi-family apartments.