NEWPORT BEACH, CA-Entities controlled by Stoneridge Capital Partners have refinanced shopping centers in Indian Wells, CA and in Oahu, HI via a 10-year, $48 million fixed-rate loan. The properties are the 104,000-square-foot Villages at Indian Wells and the 180,000-square-foot Mililani Shopping Center.

The financing was arranged by senior vice president Amos Smith and vice president Ryan Chapman of the Irvine office of Johnson Capital. The loan was provided by Hartford, CT-based Cornerstone Real Estate Advisors. The non-recourse financing included provisions designed to meet the potential future needs of the borrower’s ownership structure.

The Villages at Indian Wells, in Riverside County is in the Inland Empire’s Coachella Valley, near the towns of Palm Desert and Rancho Mirage. Located at the intersection of Highway 111 and Cook Street, the center was built in 1983 and is leased to a tenant roster including Ralph’s Fresh Fare and CVS Pharmacy.

Mililani Shopping Center is in the Mililani Town area of Oahu, at the intersection of Kuahelani Avenue and Kipapa Drive. It was built in 1977 and is nearly 100% leased to tenants including Foodland, Ross Dress for Less and 24 Hour Fitness.

Commenting on the transaction, Smith said, “While both are very well performing centers, near-term lease expirations of anchor tenants at both properties required a lender willing to take the time to understand the strength of the markets and quality of the assets.