Regency Centers Corp. has launched a new open-end, infinite-life fund called Regency Retail Partners L.P. that will acquire community centers Regency develops after the properties have been stabilized. At its closing, Regency owned 27 percent of the fund, but it plans to reduce its ongoing ownership interest to 20 percent. The fund will be leveraged approximately 60 percent, giving it a total capitalization of about $1.2 billion. M3 Capital Partners LLC, Eastdil Secured acted as financial advisors for the fund. Regency will receive leasing, asset management and property management fees on the fund. At its initial closing, Regency contributed two properties to the fund worth $72.6 million. The properties were the 370,000-square-foot first phase of the Falcon Ridge Town Center in Riverside, Calif., and the 349,000-square-foot Springs Market Center in Cincinnati, Oh.