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HEMET, CA-ING Realty Partners secured a $17-million, interest-only loan for of the refinancing of Village West Center from Redwood Capital Finance Co., an affiliate of Pacific Coast Capital Partners LLC.

Village West Center, built in 1982, is a 197,832-sf grocery and drug anchored shopping center at the intersection of Florida and Sanderson avenues, which ING has owned since 1999. Pacific Coast says the shopping center owner sought the refinancing to free funds for improvements at the center and an expansion of more than 6,000 sf to a total of 204,000. The 36-month loan, which is LIBOR-based at a competitive floating rate, was arranged by Greg Galusha, a principal in PCCP’s Los Angeles office, working with Andy Sands of ING Realty in Los Angeles.

Village West Center is 84% leased to Vons, Longs Drugs, Ross Stores, Pier One Imports and Home Town Buffet. The center also recently signed Michael’s Arts & Crafts to a 10-year lease that will increase the occupancy to 93%.

Pacific Coast Capital Partners LLC, with offices in El Segundo and San Francisco, provides opportunistic debt and equity capital for real estate in the Western US.

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