BWE, a leading national commercial and multifamily mortgage banking company, successfully secured $66 million in acquisition financing for The South Coast Collection (SOCO), an urban shopping center located in Costa Mesa. With its prime location and high occupancy rate of 291,977 square feet, the property was able to attract institutional bank lenders.
EVP Daniel Rosenberg from BWE’s Boca Raton and Chicago offices, along with senior analyst Logan Petersmeyer from the Chicago office worked together to secure a five-year fixed-rate loan with interest-only payments on behalf of borrower Continental Realty Corporation.
Despite challenges posed by current interest rates for retail assets without anchor tenants such as grocery stores, BWE utilized SOCO’s strong performance record and extensive network of capital providers to negotiate favorable terms for the acquisition financing. This will enable CRC to effectively pursue their investment objectives. As we continue our efforts in securing essential funding for retail projects nationwide,” said Rosenberg confidently.
