EXCLUSIVE: VCM Development Gets $11.75M Loan For New, Existing Projects
The fully leased Teel Crossing at Main Street and Teel Parkway in Frisco will get a second phase. VCM is finishing drawings for the second phase and has letters of intent in hand for 50% of the 13K SF center, VCM founder Vaughn Miller said. Miller anticipates opening in Q1 or Q2 of 2018 at 100% leased.
VCM’s future project at the southeast corner of FM 3040 and Morriss Road/Gerault Road in Flower Mound will have 20K SF across the street from Kroger. The Flower Mound Market retail center is pre-leasing, and Miller expects the development to break ground in Q2 or Q3 of 2018.
The southwest corner of FM 720 and McCormick Road in Oak Point will also have 20K SF of small retail, Miller said. VCM will focus on Prestonwood Polo Crossing after Flower Mound Market gets underway.
Miller said his family has had a long relationship with Churchill Capital Co., dating back to the 1980s when Miller’s grandfather, Henry S. Miller, and Churchill co-founder David Wallenstein would do business together.
“I jumped at the chance to work with them,” Miller said. “They secured financing for this incredible development loan. They liked that every [development] I have is 100% leased and thought we do a good job at finding irreplaceable corners.”
Miller said his philosophy for developing retail centers is to find irreplaceable corners, get high occupancy with low debt and always upgrade tenancy when able. This loan will allow VCM to do that.