SAN FRANCISCO-A 54,616-sf retail and office development along Webster Street here has been refinanced with a $13.5-million financing from Countrywide Commercial, according to NorthMarq Capital, which sourced the loan. The borrower is an affiliate of W Capital Partners ironworks LLC of New York.

The retail center is 85% leased. Major tenants of the center include Gambro Healthcare and Blockbuster Video.

The financing was based on a 10-year term with a 35-year amortization schedule. The loan to appraised value was approximately 65%, according to Dennis Williams, the SVP and senior director with NorthMarq who sourced the loan.

Williams tells that from the time he signed the borrower up for the deal and the time it was funded late last year the spreads rose from 110 basis points to 200 basis points over the 10-year treasury.

The new loan did not lower the interest rate for the borrower because the new loan paid off an old loan that was bond financed at “a very low rate,” Williams tells

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