Joint Venture Acquires Loan and Executes New Leases

by Nate Hunter

Allen, Texas — The 706,000-square-foot Watters Creek at Montgomery Farm opened in 2008.

Allen, Texas  — A joint venture between Trademark Property Co., Coventry Real Estate Advisors, Southern Land Co. and PCCP has recapitalized Watters Creek at Montgomery Farm, a 706,000-square-foot mixed-use development in Allen. Watters Creek is a Class A project that includes 100,000 square feet of office space, 356,000 square feet of retail and the 233-unit Lofts at Watters Creek apartments. Trademark, Coventry and Southern Land capitalized and built the development, which opened in 2008.

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 LP.

Trademark has also secured new leases for the center. Z Gallerie has signed a 8,500-square-foot lease, while Texas Health Resources has leased 6,000 square feet. Additional improvements under consideration for the property include build-to-suit office space, a children’s play area, new shade structures and additional multifamily units.

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