FORT WORTH-Western Real Estate Equities LLC has acquired the first mortgage loan secured by the Village at Camp Bowie, a 270,069-square-foot retail and office development here. The lender, Wells Fargo Bank, sold the loan for an undisclosed amount.
Situated on 19 acres on Camp Bowie Boulevard, the Village Camp Bowie is owned by Dallas-based Trophy Investments, which acquired the property in 2004. The firm completely redeveloped the six-building project from 2004 to 2007. It is 76% leased to tenants including Frost Bank, Starbucks, Sprint, Edward Jones and State Farm.
Previously, Trophy Investments announced that it was trying to work with Wachovia to extend or refinance the property’s $36.5 million loan, which matured in March 2010. Wachovia is now a Wells Fargo company. It posted the property for a foreclosure auction at the Tarrant County Courthouse steps earlier this year, but later called off the foreclosure.
The Dallas and Chicago offices of HFF marketed the first mortgage loan for Wells Fargo Bank. The loan sale was launched on May 20th, and 92 firms signed confidentiality agreements, with 20 firms bidding.
"It’s well-known that Wachovia had some legacy loans that Wells Fargo is looking to sell,” says Bill Mitchell, a managing director in HFF’s Chicago office, adding that the firm has a number of loans it is marketing for the bank. “Like a lot of loans, this one had a good sponsor, but it wasn’t performing.” Mitchell, along with HFF senior managing directors Doug Hazelbaker and Jim Batjer, handled the loan sale.
Western Real Estate Equities, located in Fort Worth, seeks out commercial real estate opportunities primarily in Texas. It is an affiliate of Joint Resources Company, an exploration and production company engaged in the development of oil and natural gas properties. Western brought in B-29 Investments LP, a private equity firm based in Gainesville, TX, as a financial partner in the deal.
Western did not return calls from GlobeSt. seeking additional information. Mitchell of HFF declined to comment on the new lender’s plans for the property.
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