LAKEWOOD, CA-The Regency Center, a neighborhood retail property in Lakewood, CA, has secured $18.3 million to refinance the property. The financing allows the center to pay off its existing loan and retain a $3.8 million line of credit for future property repairs.

Venture West Funding secure the loan on behalf of the Regency Center. Matt Douglas of Venture West Funding was able to secure the loan through Farmers & Merchants Bank with a competitive fixed rate, a 10-year term and a flexible pre-pay option.

Located at 2440 Carson Street, the shopping center sits on 7 acres and has a diverse group of tenants, including Kohl's, Denny's, NuVision Federal Care and the local ice-skating rink as well as several fast food eateries.

Several retail properties have been seeking refinancing loans with room for renovations. Diamond Creek Shopping Center in Diamond Bar, CA recently secured a $15 million refinancing loan also with a 10-year term and fixed rate. The financing helped to recoup funds after a recent conversion to a mini-mall.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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