Bellwether Enterprise Real Estate Capital LLC (BWE), a commercial mortgage banking company, has closed a $25 million bridge loan to finance the Willow Creek Corporate Center in the Scripps Ranch submarket of San Diego. BWE’s Bobby Werhane out of the firm’s Charlotte, NC office, originated the loan on behalf of the borrower, Sason.
Willow Creek Corporate Center is a recently renovated 121,000-square-foot, three-story office property located just off Interstate 15. The financing, which includes a 72.5% loan-to-cost ratio, has a variable interest rate of around 4.25%. The loan will allow the borrower to execute a business plan to sign new leases and extend a lease with a major corporate client.
“In 2022, it’s clear that offices will remain both a part of the professional world and a lucrative asset class,” said Werhane. “From coast to coast, BWE is proud to help our clients achieve the financing solutions they need to support America’s return to the office.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.