IRVINE, CA – HFF announced today that it has arranged a $61 million refinancing for El Paseo de Saratoga (top left photo), a 295,979-square-foot, grocery-anchored retail center in San Jose, California.
HFF worked exclusively on behalf of the borrower, Terramar Retail Centers, to secure the 10-year fixed-rate loan through a life insurance company. The loan has five years interest-only at an interest rate of 4.55%. The borrower bought the property in October 2008 in an all-cash purchase.
Completely redeveloped in 2007, the property features 18 buildings on a nearly 32-acre site. El Paseo de Saratoga is anchored by Lucky Supermarket, AMC Theatres, Office Max and Petco.
Other tenants at the 94 percent leased center include Peet’s Coffee, Jamba Juice, U.S. Bank and Panda Express. The property is located at 200 El Paseo de Saratoga close to Interstate 280 and US 85 in Silicon Valley.
The HFF team representing the borrower included director Mark Erland, senior managing directors Don Curtis and managing director Peter Smyslowski.
Terramar Retail Centers is a privately-held commercial shopping center investment, management and development company based in Carlsbad, California.
Contacts:
Mark J. Erland, HFF Director, (949) 253-8800, (713) 852-3500, merland@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, krmurphy@hfflp.com
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