BWE, a leading commercial real estate financing firm, has 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 greatly benefit from the expertise and experience of BWE’s EVP Tom Kenny and SVP Josh Boehling who originated the non-recourse loan of $55.5 million with a correspondent life company.
In addition to securing the necessary debt financing for this project, BWE also facilitated an $11 million joint venture equity investment to complete the final stage of development by bringing another national co-anchor on board through a long-term lease agreement.
According to Kenny: “When we were approached by Wood Investments about arranging financing for Plaza de Perris , we immediately recognized that structuring both debt and new equity would be most beneficial for capitalizing this deal. This approach allowed our client not only to establish new connections but also buy out an existing institutional investor.”
Strategically located off I-215 highway with major tenants such as Food4Less , Ross Dress For Less , Ulta Beauty , Burlington Coat Factory , Planet Fitness among others already occupying 99% leased space at Plaza de Perris . After completion of new developments at this site Target is expected join its impressive tenant roster soon.
Photo courtesy CBRE .
The article titled “BWE Secures Financing Worth Over $66 Million For Retail Center In California” was originally published on Connect CRE website.
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