Neighborhood Shopping Center Refinances

TEMECULA, CA-Palomar Village Inc., owner of the 12-year-old, 143,375-sf Palomar Village Shopping Center, obtained refinancing from ING Investment Management in a deal arranged by iCap Realty Advisors.

Terms of the loan were not disclosed, but real estate industry sources familiar with the property conservatively estimated it qualified for between $8 million and $9 million in financing.

Built in 1990, the center is at 0250-30690 Rancho California Road in the Riverside County city of Temecula and is anchored by an Albertsons supermarket and Longs Drugs.

Chris Griffith of iCap, who arranged the loan in tandem with iCap’s Tom McKnew, tells GlobeSt.com the center is 96% leased and that the deal closed quickly, in 13 days, because the lender and borrower had worked together previously.

“It was done as a 25-year mortgage, but with some options between lender and the borrower to give flexibility on the short-term side by eliminating penalties,” Griffith tells GlobeSt.com.