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BWE Closes $31M Construction Loan for IE Warehouse
Bellwether Enterprise Real Estate Capital LLC (BWE), a national mortgage banking company, has closed a $30.65 million construction-to-permanent loan to finance a new warehouse/distribution center in Ontario, CA. Tom Kenny from BWE’s Irvine, CA office originated the loan through a correspondent life company on behalf of the borrower.
“We are thrilled to offer multiple solutions for our client, including traditional floating rate bank debt,” said Kenny. “The borrower ultimately decided that the property was a long-term hold and opted to lock in a now below market interest rate.”
Located just east of Ontario International Airport, the spec warehouse development will total 202,000 square feet on nearly 11 acres. The project has already broken ground and is expected to deliver in the summer of 2023. The loan includes a 10-year term with interest-only payment for the first two years. The rate is fixed for the loan term at 5.19%.
- ◦Financing
