SAN JOSE- San Diego area-based shopping center investor and developer Terramar Retail Centers has refinanced its El Paseo de Saratoga, a grocery-anchored center here that is 94% leased, with a $61 million loan arranged by HFF. The property is a 295,979-square-foot center that is anchored by Lucky Supermarket, AMC Theatres, Office Max and Petco.

HFF arranged the 10-year, fixed-rate loan through a life insurance company. The interest rate is 4.55%, with the first five years interest-only. The HFF team representing the borrower included director Mark Erland, senior managing directors Don Curtis and managing director Peter Smyslowski.

Terramar bought the shopping center in October 2008 in an all-cash purchase. The center, which was completely redeveloped in 2007, features 18 buildings on a site of nearly 32 acres. In addition to its anchors, tenants include Peet’s Coffee, Jamba Juice, US Bank and Panda Express. The property is at 200 El Paseo de Saratoga, close to Interstate 280 and US 85 in Silicon Valley.

Privately held Terramar is a shopping center investment, management and development company based in Carlsbad. The company was also in the news recently, as reported on GlobeSt.com, with the appointment of Matthew Smith to the newly created position of VP for acquisitions to source deals in the Western US.