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Pennybacker Exec Unfurls Changes for $250M Fund

FORT WORTH-With a new name and new HQ city coming, Pennybacker Capital's lead lays out its agenda to fund recapitalizations, mezz loans, senior notes and ground-up projects.

By Connie Gore | Updated on August 18, 2008

FORT WORTH-With a new moniker emblazoned on its letterhead and a new headquarters city in mind, Pennybacker Capital LLC is making plans to deploy $250 million of equity within four years. The commercial real estate strategy will unfurl as a pure investment play in mezz loans, senior notes, ground-up projects and recapitalizations.

Pennybacker Capital LLC is the new name for N3 Capital Partners LLC, which will move from Fort Worth to Austin in October. The lead principal is Tim Berry, who co-founded N3 Development Ltd. and sold his interests to Netherlands-based United Investment Co. in July 2007. Pennybacker’s other principals are George P. Bush, nephew of President George Bush and a former attorney for Akins, Gump, Strauss, Hauer & Feld LLP in Dallas; Vince Reyna, a certified financial analyst formerly with CIT Corporate Finance; and Michael O’Malley, a CPA who most recently was COO and CFO of VisionWeb Inc.

Berry tells GlobeSt.com that the $250-million investment plan is an “internal goal” that has been accomplished by picking up additional equity to expand the $30-million N3 Opportunity Fund I, which will be fully invested by year’s end.

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