BWE, a commercial real estate finance firm based in Irvine, successfully secured $66.5 million in value-add financing for Plaza de Perris on behalf of Wood Investment Companies. The regional center, located in Perris and totaling 363,582 square feet, will receive a non-recourse loan of $55.5 million from a correspondent life company.
EVP Tom Kenny and SVP Josh Boehling from BWE’s Irvine office originated the three-year interest-only loan for Wood Investments – an existing client of BWE’s.
In addition to the financing deal, BWE also arranged an $11 million joint venture equity investment to complete the recapitalization and final stage of Plaza de Perris’ development by bringing another national co-anchor on board with a long-term lease agreement.
According to Kenny: “When we were approached by Wood Investments about arranging financing for Plaza de Perris, we saw an opportunity to structure both debt and new equity that would benefit our client by allowing them to establish new connections while buying out their current institutional investor.”
Plaza de Perris is strategically located off I-215 and boasts prominent tenants such as Food4Less (grocer), Ross Dress for Less , Ulta Beauty , Burlington Coat Factory , Planet Fitness , Five Below . After undergoing further development work at the site Target will join this impressive tenant roster.
Photo courtesy of CBRE .
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