ENGLEWOOD CLIFFS, NJ—Deerwood Real Estate Capital, based in Englewood Cliffs, N.J., closed an $8.5 million non-recourse loan for the acquisition of a 140,000-sq.-ft. shopping center in Des Moines, Iowa.

Joe Hercenberg and David Rosenberg of Deerwood negotiated the deal.

Currently 68 percent leased, the property sponsorhas plans to reinvigorate the center. Tenants at the property include TJ Maxx, Starbucks, OfficeMax and UPS.

Deerwood Real Estate Capital is a commercial mortgage brokerage specializing in assisting clients in sourcing debt and equity.