Trademark JV acquires Watters Creek
Fort Worth, Texas -- Trademark Property Group announced that together with Coventry Real Estate Advisors, Southern Land Co. and PCCP, it has recapitalized the Watters Creek at Montgomery Farm mixed-use project near Dallas in a joint-venture arrangement.
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.
According to the group, the restructuring provides them time and flexibility to shore up the property, including implementing plans to execute more than 25,000 sq. ft. of new leases and a range of property improvements.
Watters Creek is a 706,000-sq.-ft. project composed of 100,000 sq. ft. of office, 365,000 sq. ft. of retail and 233 multi-family apartments.
Trademark also announced new leases with Z Gallerie (8,500 sq. ft.), Texas Health Resources (6,000 sq. ft.), as well as over 10,000 sq. ft. of additional tenants to be announced shortly, with plans to aggressively seek other quality tenants.