Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of five loans totaling more than $60,238,000 to finance three multifamily properties, one multi-tenant retail property, one single-tenant retail property and one multi-tenant office building in Illinois and Minnesota.
Lucas Goring, senior vice president in BWE’s Minneapolis office, originated the loan deals for Fleet Farm and Cedar Square and Oakwood Court Apartments. Ryan Morris, assistant vice president in BWE’s Chicago office, originated the loan deals for East West Corporate Center and Addison Mall. Dan Rosenberg, executive vice president, and Matt Terpstra, assistant vice president, also in BWE’s Chicago office, originated the loan deal for Coeval.
“Multifamily buildings and retail offerings are major contributors to how communities live, work and shop,” said Goring. “BWE is proud to work with our clients to help finance the types of properties Americans across the country rely on every day.”
“Both traditional retail centers and multi-tenant office buildings have continued to offer solid value despite pandemic-era uncertainty,” said Morris. “At BWE, we’re excited to continue to help our clients realize the enduring value of these asset classes through our highly-tailored and creative financing platform.”
The properties are:
- Fleet Farm (Baxter, MN), a $21,808,000 credit union financing for the acquisition of a 290,000 square foot single tenant triple net lease (NNN) property, located at 14114 Dellwood Drive. The Baxter location was one of the original Fleet Farm stores and continues to perform well for the national chain. Goring originated the loan on behalf of the borrower, Juno Investments, LLC.
- Cedar Square and Oakwood Court Apartments (Saint Cloud, MN), a $20,400,000 acquisition financing of Cedar Square and Oakwood Court Apartments, located at 1821 15th Avenue SE and 1570 E St. Germain, respectively. Bellwether represented the seller in the off-market transaction of 360 total units of workforce housing. Goring originated the acquisition loan on behalf of the borrower, an entity related to MBG Property Management, who plans to renovate the properties.
- East West Corporate Center (Naperville, IL), a $10,780,000 bridge loan for a two-building, multi-tenant office property located at 1751-1771 West Diehl Road. Morris originated the financing for the 225,000 square foot property. The loan allowed the client to acquire the property and finance future costs related to lease-up, as well as tenant rollover.
- Addison Mall (Chicago, IL), a $7,250,000 life insurance refinancing for a two-building, multi-tenant strip retail property located at 2901-2947 West Addison Street in Chicago’s North Center neighborhood. Morris originated the financing for the 68,000 square foot property, which has a strong operating history and is highly visible. The refinancing provided the long-term owner, First American Properties, with a competitive ten-year, fixed rate loan, which allowed the client to refinance their maturity debt and provide leasing costs funds for recently executed new leases.
- Coeval (Chicago, IL), a Fannie Mae refinancing of for the recently built 199-unit luxury high rise located at 51 E 14th Street in Chicago’s South Loop neighborhood. The financing was originated on behalf of the borrower, CMK Companies, by Rosenberg and Terpstra. Coeval, completed in 2019, offers a range of luxury amenities, including a rooftop patio, fitness center, clubhouse and a dog spa. The loan refinanced CMK Companies’ existing construction debt and lowered the developer’s cost of capital.
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/.