Preferred equity is a type of investment that sits between common stock and debt in a company's financial structure. It typically offers investors priority in receiving dividends and getting their money back if the company runs into trouble, making it somewhat safer than regular shares. Investors value preferred equity because it provides a steady income stream while still allowing some participation in the company's success.
mezzanine financingfinancial
Mezzanine financing is a hybrid form of capital that sits between a company’s senior loan and its ownership, typically structured as a subordinated loan or convertible instrument that pays higher interest and may include rights to convert into equity. Think of it like a second mortgage or a booster seat: it carries more risk than the main loan but is less permanent than selling shares. It matters to investors because it can boost returns for lenders, increase a company’s debt burden, and potentially dilute equity if converted, influencing risk and reward.
joint venture equityfinancial
Joint venture equity is the ownership stake a company or investor holds in a business formed and run together with one or more partners. Think of several neighbors pooling money to buy and manage a rental property: each owner’s share determines their share of profits, losses, decision-making influence and liability. For investors, joint venture equity matters because it affects future cash flow, balance-sheet exposure and how much control and risk come from a shared enterprise.
capital stackfinancial
The capital stack is the ordered list of sources of money a company or project uses, showing who gets paid first and who takes more risk — think of it like layers in a cake where the bottom slices are safest and the top slices are most exposed. Investors use it to judge potential return and risk: positions lower in the stack (like senior lenders) get steadier, smaller returns but higher protection, while higher positions (like common equity) can earn more if things go well but can lose value first.
DALLAS--(BUSINESS WIRE)--
IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $113.7 million in life company financing and preferred equity for the acquisition of three contiguous retail centers totaling 375,000 square feet in Fort Worth, Texas.
IPA’s Capital Markets team was led by Adam Mengacci, senior managing director, in the firm’s Dallas office. Mengacci represented Younger Partners Investments (YPI) to secure and structure the capital stack.
“This transaction is a significant addition to the YPI portfolio and a testament to institutional capital’s demand for core retail,” said Mengacci.
Based in Dallas, YPI was formed in 2020 to acquire retail investment properties across Texas, with a focus on neighborhood grocery-anchored centers and lifestyle shopping centers. This portfolio includes Presidio Towne Crossing, Tehama Towne Crossing, and Vista Ridge. Now collectively known as Presidio Junction, the centers are 100% leased and include tenants such as TJ Maxx, HomeGoods, Aldi, Petco, Old Navy, Sephora, and Five Below. YPI plans to implement capital improvements at Presidio Junction this year, including wayfinding and signage enhancements.
“This is a tremendous addition to our Texas portfolio, which has grown to nearly 1.4 million square feet of retail,” said Micah Ashford, managing director at YPI. “This acquisition strengthens our presence in Tarrant County and marks our continued expansion into Fort Worth, where we also own Artisan Circle in the Cultural District. We plan to continue expanding our retail portfolio with similar acquisitions as investor demand for assets such as Presidio Junction remains strong.”
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.
