BWE, a national commercial and multifamily mortgage banking company, announced today it has secured $66,000,000 in acquisition financing for The South Coast Collection (“SOCO,”) an urban-infill shopping center in Costa Mesa, CA, part of the Greater Los Angeles area.
Daniel Rosenberg, executive vice president in BWE’s Boca Raton, FL, and Chicago offices, and Logan Petersmeyer, senior analyst in BWE’s Chicago office, originated the five-year, fixed-rate, interest-only loan from an institutional bank lender on behalf of the borrower, Continental Realty Corporation.
“In this interest rate environment, it can be difficult to finance large retail assets that aren’t anchored by a grocer, but by leveraging SOCO’s strong performance and BWE’s deep roster of capital providers, we were able to secure optimal acquisition financing terms that will allow our partners at CRC better execute on their investment goals,” said Rosenberg. “We look forward to our continued work securing much-needed financing for retail projects across the country.”
Situated in the center of Orange County with over 700 feet of frontage along I-405, SOCO is a located in a strong and high performing retail market. With approximately 291,977 square feet of space that is nearly 100% leased, the collection is anchored by a strong mix of high-end furniture and designer home goods vendors, several of which maintain their only presence in California there. SOCO is also home to The OC Mix, an assortment of local retailers offering artisan food, fashion, and lifestyle goods.
“This is a special asset with a great financing execution.” said Haley Donato, Senior Vice President of Asset Management & Finance for Continental Realty Corporation. “We remain bullish on retail are excited to add SOCO to CRC’s existing portfolio of nearly 8 million SF of retail around the country.”