Bellwether Enterprise Real Estate Capital LLC recently closed a $6.25 million loan deal to help finance the acquisition of Shoppes of Brookfield Commons, a shopping center in Brookfield, Wisconsin, part of the Milwaukee metropolitan area.
Ryan Morris, Vice President at BWE, originated the loan from Ameritas Investment Partners on behalf of the borrower, CapRock Real Estate.
Shoppes of Brookfield Commons is a two-building, 42,356-square-foot retail strip center that is well-located along the primary retail corridor in a submarket that is currently more than 95% leased. At closing, however, the property was only 54% leased. The loan provides the borrower ample time and capital to attract new tenants and lease-up the property to stabilization.
The non-recourse loan has a three-year term, a fixed rate, and $1 million of future funding for capital improvements and accretive leasing.
