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PETALUMA, CA-Robertson Properties Group of Los Angeles, CA has paid off the $21-million construction loan for a 141,691-sf community shopping center here with a $29.5-million permanent loan. The 10-year, fixed-rate loan was funded by City National Bank.The property is Redwood Gateway, which is located at 1351-1371 N. McDowell Blvd., 40 miles north of San Francisco in Sonoma County. The center is anchored by Kohl's, Michael's and Pier 1 Imports and is 98% leased. An additional 16,798-sf building to house Shoe Pavilion is currently under construction and is expected to open by the end of November.

Matt Douglas of Venture West Funding arranged the financing through Bear Stearns. Loan details were not immediately available; Douglas could not be reached Monday for comment. "We maximized the loan amount by leveraging the value of this retail center and locking in a rate at the lowest levels in six months," Douglas says in a prepared statement. The interest rate is based on the 10-year treasury, which is currently in the 4.6% range.