Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $35,000,000 loan to refinance a major retail center located in the Pacific Northwest.
Tom Turnage, Senior Vice President, and Joe Galosic, Jr., Assistant Vice President, both from BWE’s Irvine, CA, office, originated the loan through a life insurance company on behalf of the borrower.
“This loan enabled the borrower to refinance out of a floating rate loan while increasing leverage and providing them with the flexibility to exit the loan, which has a highly flexible prepay schedule,” said Turnage. “This is third loan closing between the borrower and BWE, and we look forward to our continued partnership as we help secure financing for more projects like this.”
The power retail center includes a grocery and pharmacy anchor as well as a “big box” tenant occupying over 100,000 square feet of space. The center has also leased to a mix of local, regional and national shops and restaurants. The shopping center was stabilized and 95% leased at the time of the loan closing.
The loan includes a 5-year term with interest-only payments for the first two years, followed by a 30-year amortization schedule. The interest rate is fixed for the term and was locked at loan application. The loan is non-recourse and includes a step-down prepayment schedule with the last three years open at 0%.
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/.