BWE Closes $25M San Diego Office Property Loan
July 26, 2022 | By: Mark Nieto | Connect CRE
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.”
Read the Connect CRE article online here.
Willow Creek Corporate Center