HFF Arranges $61M Refi for NorCal Retail Center

The 10-year fixed loan was procured for El Paseo de Saratoga, a 295,979-square-foot retail center in San Jose.

April 19, 2011
By Allison Landa, News Editor

Holliday Fenoglio Fowler L.P. has nailed down $61 million in refinancing for El Paseo de Saratoga, a 295,979-square-foot grocery anchored retail center in San Jose, Calif.

Redeveloped in 2007, the center features 18 buildings on a 32-acre site. It is anchored by Lucky Supermarket, AMC Theatres, Office Max and Petco, and is 94 percent leased.

Working on behalf of the borrower, Terramar Retail Centers, HFF secured the 10-year fixed loan through a life insurance firm. The loan has five years interest-only at a rate of 4.55 percent.

The borrower was represented by HFF executives Mark Erland, Don Curtis and Peter Smyslowski.