Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of two loans totaling $38,500,000 to finance two office properties in San Diego, CA and Tampa, FL.
Bobby Werhane, senior vice president in BWE’s Charlotte, NC office, originated the loans on behalf of the borrower, national real estate investment firm Sason.
“In 2022, it’s clear that offices will remain both a part of the professional world and a lucrative asset class,” said Werhane. “From coast to coast, BWE is proud to help our clients achieve the financing solutions they need to support America’s return to the office.”
“The future of the workplace is experiential — creating environments where people are inspired to create and generate value,” said Joshua Sason, “We continue to be excited by the prospect of acquiring optimally-located real estate at attractive prices, re-imagining those assets to succeed in the current environment and are pleased to see that attractive financing options remain available for such a strategy.”
The properties are:
- Willow Creek Corporate Center (San Diego, CA), a $25,000,000 bridge loan for Willow Creek Corporate Center, an office property located at 10089 Willow Creek Road in the Scripps Ranch submarket of San Diego, CA. The recently renovated 120,666 square foot office property comprises three stories and is well-parked with 3.7 spaces per 1,000 rentable square feet. The financing, which includes a 72.5% loan-to-cost ratio and 100% good news funding, has a variable interest rate of around 4.25% and a flexible term. The loan will allow the borrower to execute a value-add business plan to sign new leases with client tenants, including a lease extension with a major corporate client.
- Presidents Plaza II (Tampa, FL), a $13,500,000 bridge loan to finance the acquisition of Presidents Plaza II, an office property located at 4904 Eisenhower Boulevard in the Westshore submarket of Tampa, FL. The recently renovated 98,105 square foot office property comprises three stories and is a short drive to Tampa International Airport. The 1985-built office building was acquired 100% leased to four tenants and is well-parked with 4 spaces per 1,000 rentable square feet. The financing, which includes a 75% loan-to-cost ratio and 100% of future funding, will allow the borrower to execute a business plan which will include rebranding and capital expenditure efforts.
BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.