RBS Greenwich Capital funded a $20.9-million loan for the 99,564-sf Lion Plaza Retail Center, an Asian-themed center in San Jose. Located at the confluence of King and Tully roads, the property is anchored by the Lion's supermarket chain and includes office space over the ground-floor retail space. The 10-year loan has a 30-year amortization schedule.

In the other deal, GE Asset Management funded two loans totaling $11.8 million for Stevens Creek Plaza and Stevens Creek Villas in Santa Clara. The Villas is a 39-unit apartment project that sits above Stevens Creek Plaza, a 76,684-sf retail center anchored by Bed, Bath and Beyond. The two 25-year loans--$7.5 million for the retail and $4.3 million for the apartments--were taken out by an entity of De Anza Properties.

Mitchell Zeemont of Newmark Realty Capital Inc. sourced all three loans. Zeemont did not return a phone call Wednesday seeking further comment. According to the latest report from the brokerage firm Marcus & Millichap, apartment vacancy in the San Jose MSA fell 0.2 percentage points in the first quarter to 6.4%. Average asking rents fell 1.46% in the first quarter to $1,352 and are off 6.63% over the past year, "but this is a substantial slowing from the precipitous drop recorded in 2001," states the report, which notes that the MSA has lost 100,000 jobs over the past two years.