Bethel Tavitak LLC has refinanced a Bank of America mortgage for two shopping centers in Port Orchard, Wash., through Venture West Funding Inc., a Southern California-based mortgage banking and brokerage company.

The two-tiered loan is $11.05 million with a nine-month earn-out that can provide an additional $450,000. The loan rate was 8.33%, amortized over 30 years, due in 10 years.

The adjacent shopping centers, Bethel Junction and Bethel Place, are anchored by Safeway and Office Depot. Venture West worked with Bear Stearns on the deal for owner Bethel Tavitak LLC.

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