BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured value add financing for Plaza de Perris, a vibrant regional center that will total 363,582 square feet including a diverse mix of retailers in Perris, California, part of the Inland Empire region.
Tom Kenny, executive vice president, and Josh Boehling, senior vice president, both in BWE’s Irvine office, originated the $55,500,000 non-recourse, 3-year interest-only loan from a correspondent life company on behalf of Wood Investments Companies Inc., a repeat client and developer specializing in high-profile shopping centers. Additionally, the team secured an $11,000,000 joint-venture equity investment to complete the recapitalization and final stage of the project by bringing another national co-anchor to the center on a long-term lease.
“When approached by Wood Investments to arrange financing for Plaza de Perris, we determined that structuring both debt and new equity would be the best way to capitalize the deal, allowing them to make a new equity connection while buying out an existing institutional investor,” said Kenny. “By utilizing BWE’s deep connections with different types of capital sources, Wood Investments were able to secure fresh equity to complete the final stage of redevelopment of the property by attracting another major co-anchor, Target.”
Located directly off the region-spanning I-215, Plaza de Perris is a one-stop shop from groceries to fitness to dining anchored by grocer Food4Less, Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness, Five Below, and more. The property is 99% leased, and after new development takes place, Target will join.
Plaza de Perris represents the fourth transaction BWE has completed with Wood Investments in the past 12 months, following loans secured for properties in Big Bear Lake, Apple Valley, and Fresno, California that total over $110 million.