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BWE Arranges $66M for Infill Costa Mesa Retail
BWE, a national commercial and multifamily mortgage banking company, secured $66,000,000 in acquisition financing for The South Coast Collection (SOCO) an urban-infill shopping center in Costa Mesa. The 291,977-square-foot property is nearly 100% leased.
Daniel Rosenberg, EVP 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.”
