BWE, a leading national commercial and multifamily mortgage banking company, has successfully secured $66 million in acquisition financing for The South Coast Collection (SOCO), an urban shopping center located in Costa Mesa. This 291,977-square-foot property boasts nearly full occupancy.
The loan was originated by Daniel Rosenberg, EVP at BWE’s Boca Raton and Chicago offices, along with senior analyst Logan Petersmeyer from the Chicago office. It is a five-year fixed-rate loan with interest-only payments from an institutional bank lender on behalf of Continental Realty Corporation.
According to Rosenberg: “In today’s low-interest rate environment, it can be challenging to secure financing for large retail assets without a grocery anchor. However, leveraging SOCO’s strong performance and our extensive network of capital providers allowed us to obtain optimal terms for the acquisition financing. We are committed to continuing our work in securing much-needed funding for retail projects across the nation.”
This successful transaction highlights BWE’s expertise as well as its ability to provide tailored solutions that meet clients’ investment goals effectively.