Dealmaker: BWE Secures $35M in Financing for Washington Retail Center

(Washington Retail Center)

Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed a $35 million loan to refinance a major retail center in the Pacific Northwest.

Senior Vice President Tom Turnage and Assistant Vice President Joe Galosic Jr., both from BWE’s Irvine, Calif., office, originated the life insurance company loan for the Washington property.

“This loan enabled the borrower to refinance out of a floating-rate loan while increasing leverage and providing them with the flexibility to exit the new loan, which has a highly flexible prepay schedule,” Turnage said.

The power retail center includes a grocery and pharmacy anchor as well as a big box tenant occupying more than 100,000 square feet. The center also houses a mix of local, regional and national shops and restaurants. It was stabilized and 95% leased at loan closing. 

The five-year loan included interest-only payments for the first two years followed by a 30-year amortization schedule. The interest rate is fixed for the full term and was locked at loan application. The non-recourse loan included a step-down prepayment schedule with the last three years open at 0%.