- Wells Fargo originated a $460M CMBS loan for Bridge33 Capital to refinance a 4.1M SF national retail portfolio.
- The 12-property portfolio spans nine states and is anchored by major tenants including TJX Companies and Dick’s Sporting Goods.
- The floating-rate loan, structured with an initial two-year term and three one-year extension options, is part of a single-asset, single-borrower CMBS transaction.
Big Retail, Big Refi
Wells Fargo is backing a major refinancing deal for Bridge33 Capital, reports Commercial Observer. The bank has originated a $460M loan tied to a retail portfolio totaling 4.1M SF. The financing comes in the form of a single-asset, single-borrower (SASB) CMBS deal, designated WFCM 2025-B33RP, according to KBRA’s ratings analysis.
Portfolio Snapshot
The portfolio includes 12 properties spread across nine states: Colorado, South Carolina, Michigan, Georgia, Maryland, Nevada, Illinois, Texas, and Indiana. The centers feature a mix of retail anchors—primarily national chains—with some sites led by grocery store tenants.
As of May 2025, the portfolio was 91.4% leased to 260 unique tenants. Only TJX Companies (9.2% of total base rent) and Dick’s Sporting Goods (5.8%) exceed the 5% threshold for total rent contributions.
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Loan Details
The loan is structured with a two-year initial term and three one-year extension options. It is a floating-rate, interest-only loan — a structure commonly seen in short-term bridge financing. Typically, this approach is used for value-add or transitional assets, allowing for greater flexibility during repositioning or lease-up periods.
A Year Of Acquisitions
Bridge33 has been actively expanding its footprint. In September 2024, the firm further expanded its portfolio with the acquisition of the Centre at Hagerstown, a 291,199 SF shopping center in Maryland. Notably, the property was 98% occupied at the time of sale, underscoring its stabilized performance.
Not A One-Off
The $460M financing wasn’t Wells Fargo’s only sizable retail CMBS deal this month. The bank also originated a $120M loan for Vornado Realty Trust. The financing is for the refinance of its 4 Union Square South asset in Manhattan. The property features well-known tenants, including Whole Foods Market and Burlington, further enhancing its appeal and long-term income stability.
Why It Matters
The deal underscores lender confidence in stabilized, large-scale retail assets—especially those with strong national anchors. It also highlights the continued relevance of CMBS financing for well-leased portfolios, even as the broader retail sector undergoes shifts in consumer habits and tenant mixes.
What’s Next
With leasing over 91% and a diversified tenant base, Bridge33 appears positioned to ride out short-term volatility while exploring further acquisitions or refinancings. As interest rates stabilize and investor demand remains strong, expect increased activity in the retail CMBS space, especially for income-producing assets.
