PCCP Invests in Pavilions at Talking Stick in Scottsdale
PCCP is an integrated real estate investment management firm with a focus on transitional, middle-market opportunities that include opportunistic distressed-asset investments. The firm offers debt and equity real estate financing, allowing for risk adjustment up and down the capital stack. Recently, PCCP launched the PCCP Equity VII fund (“Equity VII”), through which it has undertaken a number of acquisitions.
In one of these transactions, PCCP was an equity partner in the underwriting of debt for the Scottsdale, Arizona retail center Pavilions at Talking Stick. This transaction involved a buyout of the previous equity partner and the structuring of a new market‐rate senior loan. Major leasing and pad tenants include Ross, Petco, and Target, with the retail center conveniently situated close to the event and spring training facility Salt River Fields and the Talking Stick Resort and Casino. This off-market opportunity involved elements such as a broken-note recapitalization process, a defunct lender, and distressed equity partners. This situation enabled a business plan focused on recapitalizing the asset in tandem with an existing sponsor. In addition to filling existing vacancies, 14 new pad sites were underwritten to be built, with the space planned to be leased at increasing market rental rates.
To learn more about PCCP and its real estate investment activities, visit pccpllc.com.