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IRVINE, CA-Two permanent loans totaling $58 million were lined up and waiting for developer Lewis Retail Centers before completion of two new recent projects, according to the Orange County office of Holliday Fenoglio Fowler. Don Curtis, senior managing director in HFF’s Irvine office, tells GlobeSt.com that the deals include a $40 million permanent loan for Lewis’ Eastvale Gateway and an $18 million loan for the developer’s Sierra Lakes Village.

Lewis typically holds its properties for the long term, so both loans are for terms beyond 10 years, according to Curtis. Both of the financings are with portfolio lenders who “committed to the loans before the completion of construction,” he says.

Eastvale Gateway is a multiple-phase power center located on Limonite Avenue in Mira Loma at the Interstate 15 Freeway. The financing is for a portion of the second phase of the center, which is nearing completion and is 98% leased to tenants including Kohl’s, Sport Chalet, TJ Maxx, Linens ‘N Things and Best Buy.

Sierra Lakes Village is part of the Lewis-developed Sierra Lakes master planned community in Fontana, which includes a Costco, an 18-hole golf course, San Antonio Medical Center and 1,850 homes. The 107,407-sf retail center is fully occupied and is anchored by Ralphs supermarket and a Walgreen’s, directly off Citrus Avenue and the 210 Freeway.

The $40 million Eastvale loan is with New York Life Insurance Co. and the $18 million Sierra Lakes Village loan is with Northwestern Mutual Life Co. Both are fixed-rate loans.

The Eastvale center will include a third phase, not included in the financing, which will feature an Edwards Theater, a Borders and adjoining shop space. It is under construction and in the final stage of leasing.

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