{"id":1004054852,"date":"2012-12-07T13:37:16","date_gmt":"2012-12-07T21:37:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=86004"},"modified":"2020-04-06T02:06:13","modified_gmt":"2020-04-06T10:06:13","slug":"joint-venture-recapitalizes-706000-sf-watters-creek","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/joint-venture-recapitalizes-706000-sf-watters-creek\/","title":{"rendered":"Joint Venture Recapitalizes 706,000-SF Watters Creek"},"content":{"rendered":"<p>By Camelia Bulea, Associate Editor<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/watters-creek.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-86005\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/watters-creek.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><\/a>A joint venture of Trademark Property Co., Coventry Real Estate Advisors, Southern Land Co. and PCCP have recapitalized Watters Creek, a 706,000-square-foot mixed-use project in Allen. The joint venture acquired the note from a multibank syndicate led by PNC Bank.<\/p>\n<p>According to Brian Moss, principal of Coventry Real Estate, the recapitalization offered the opportunity &#8220;to purchase the existing loan at a discount and to provide additional capital for future improvements,&#8221; according to\u00a0<em>Citybizlist.com<\/em>.<\/p>\n<p>Developed by Trademark, Coventry and Southern Land, the Class A project features 100,000 square feet of office, 356,000 square feet of retail and the 233-unit Lofts at Watters Creek apartments.<\/p>\n<p>The recapitalization will allow developers to make some improvements to the property, like adding a build-to-suit office, possibly a hotel, a children&#8217;s play area and new shade structures, according to the <em>Dallas Business Journal<\/em>. <em>The Dallas Morning News<\/em> adds that the project could also include additional multi-family units on its southern end.<\/p>\n<p>Meanwhile, a private real estate investment company based in Oklahoma City has purchased Northcrest Village, a 136,267-square-foot shopping center in Carrollton. The new owner, Zerby Interests, added the retail property to its portfolio with plans to stabilize it through co-tenancy.<\/p>\n<p>Zerby bought the property from Miami-based LNR Partners L.L.C., which was represented in the deal by the CBRE Dallas Retail Private Capital Group team of Jennifer and Beth Pierson.<\/p>\n<p>Developed in the 1980s, the shopping center is anchored by ALDI Grocery, Taco Bell, KFC, Starbucks, Subway and Allstate Insurance Co.<\/p>\n<p><em>Photo rendering of The Lofts at Watters Creek courtesy of Watters Creek at Montgomery Farm.<\/em><\/p>\n<p>For more news from Dallas, <strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-employment-boom-continues-across-dfw-metroplex-leading-to-tight-apartment-conditions-and-renewed-construction\/1004064354.html\" target=\"_blank\" rel=\"nofollow\">click here<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture of Trademark Property Co., Coventry Real Estate Advisors, Southern Land Co. and PCCP have recapitalized Watters Creek, a 706,000-square-foot mixed-use project in Allen. The joint venture acquired the note from a multibank syndicate led by PNC Bank.<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21742],"tags":[],"class_list":["post-1004054852","post","type-post","status-publish","format-standard","hentry","category-dallas","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Joint Venture Recapitalizes 706,000-SF Watters Creek - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/joint-venture-recapitalizes-706000-sf-watters-creek\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joint Venture Recapitalizes 706,000-SF Watters Creek\" \/>\n<meta property=\"og:description\" content=\"A joint venture of Trademark Property Co., Coventry Real Estate Advisors, Southern Land Co. and PCCP have recapitalized Watters Creek, a 706,000-square-foot mixed-use project in Allen. 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