Two Silicon Valley Retail Centers Refinance

SAN JOSE-Two Silicon Valley retail centers have been refinanced in separate deals with a combined value of more than $30 million.

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.