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BWE Arranges $66.5M Financing for Perris Retail
BWE secured a total of $66.5 million in value-add financing on behalf of Wood Investment Companies for Plaza de Perris, a regional center that will total 363,582 square feet in Perris. EVP Tom Kenny and SVP Josh Boehling, both in BWE’s Irvine office, originated the $55,500,000 non-recourse, three-year interest-only loan from a correspondent life company on behalf of Wood Investments, a repeat client.
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.
Located directly off I-215, Plaza de Perris is anchored by grocer Food4Less, Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness, Five Below and others. The property is 99% leased, and after new development takes place, Target will join the tenant roster.
Photo courtesy of CBRE.
- ◦Financing
