Wells Fargo Refis National Retail Portfolio With $460M CMBS Loan

Bridge33 Capital has secured $460 million of commercial mortgage-backed securities (CMBS) financing to refinance a national retail portfolio, according to a ratings agency analysis of the deal.

Wells Fargo originated the nonrecourse, first lien loan as part of single-asset, single-borrower CMBS transaction for 12 retail assets in nine states, according to information from KBRA, which analyzed the deal. The floating-rate loan in the WFCM 2025-B33RP deal was structured with an initial two-year term with three one-year extension options and interest-only payments.

The retail portfolio encompasses 4.1 million square feet in Colorado, South Carolina, Michigan, Georgia, Maryland, Nevada, Illinois, Texas and Indiana. The properties primarily consist of anchor retail tenants, though grocery chains anchor some developments. 

As of May 2025, the portfolio was 91.4 percent leased to 260 unique tenants, according to KBRA. Only two tenants, TJX Companies and Dick’s Sporting Goods, comprise more than 5 percent of total base rent across all leases, accounting for 9.2 and 5.8 percent, respectively. 

Bridge33 has acquired a number of retail properties over the past year including Centre at Hagerstown, a 291,199 square-foot shopping center Hagerstown, Md. that was 98 percent occupied at the time of th  September 2024 acquisition, according to the company.

This wasn’t the only sizable retail CMBS loan Wells Fargo executed this month. The investment banking giant also originated a $120 million CMBS transaction to refinance Vornado Realty Trust‘s 4 Union Square South property that features Whole Foods Market, Burlington Coat Factory and DSW, CO first reported at the time. 

Officials at Wells Fargo and Bridge33 Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.