The retail property is the 1.1-million-square-foot Promenade. The $75-million loan will go for a 127,000-square-foot, main-street style expansion, says a company spokesman. The New York State Teachers' Retirement System, which has the financing of the center, is providing the new loan as well, the spokesman says, showing that relationships have helped keep deals going during this downturn.

"It's definitely a challenging environment out there, loan originators are making 10 to 15 calls for these deals instead of two or three," he tells GlobeSt.com. "The bottom line is that these deals can still get done. The terms may not be as favorable as they once were, and the loan-to-value may not be as good, but the right projects can still get done." He says he cannot reveal the terms of the loans.

The company closed a $67.5-million construction financing for the Presidio, a 161-unit apartment community that is part of the historic former military base at the foot of the Golden Gate Bridge in San Francisco. Wachovia, RBS Citizens NA and the National Electrical Benefit Fund participated in the transaction. Click here for another recent story on this project.