PEARLAND, TX-Transwestern Development Co. and WCF Development have obtained $62 million in financing for vertical development of the 600,000-sf Shadow Creek Ranch Town Center. The $130-million, open-air center will break ground Nov. 15.
Earlier this year, the JV developers secured $15.69 million in interest-only financing to buy the land at Texas 288 and FM 518 and complete site work, according to Erin Wallets, senior loan associate with Fremont Investment & Loan's Dallas office. "We knew financing would be needed for vertical development so we were working on that too and just closed on it," says Wallets, who structured the deal with Fremont's Jeff Teetsel in Phoenix.
Wallets tells GlobeSt.com that the project was attractive from many angles, especially the strength of the market and the reputation of the borrowers. "All the housing going up in the area and the lack of retail at this point, especially at this intersection, makes this a very attractive project that should do well," she adds.
The power center is adjacent to Shadow Creek Ranch, a 3,500-acre, master-planned development with high-end single-family homes. Additional residential developments are being constructed within 10 miles of the retail development.Shadow Creek Ranch Town Center will be anchored by H-E-B's first "Plus" store, a 150,000-sf format. Another 200,000 sf is spoken for or under negotiation by various local, regional and national tenants. The center is slated to open in late summer 2007.
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