OAHU, HAWAII, AND INDIAN WELLS, CALIF. — Johnson Capital has arranged $48 million in non-recourse, permanent financing for two shopping centers owned by affiliates of Newport Beach, Calif.-based Stoneridge Capital Partners. The properties include Mililani Shopping Center in Oahu and The Villages at Indian Wells in Indian Wells.
The loan carries a 10-year term and a fixed rate. Amos Smith and Ryan Chapman of the Irvine, Calif., office of Johnson Capital secured the funds in the transaction. In a statement, Smith says that both centers were well performing but the pending lease expirations of the both properties' anchor tenants made some potential lenders hesitant to provide the loan. However, Johnson Capital was able to secure financing through Hartford, Conn.-based Cornerstone Real Estate Advisors.
Mililani Shopping Center is located at the intersection of Kuahelani Avenue and Kipapa Drive in Oahu's Mililani Town submarket. It was constructed in 1977 and totals 180,000 square feet. Major tenants at the fully occupied center include anchor Foodland, Ross Dress for Less and 24 Hour Fitness.
The Village at Indian Wells is located at the intersection of Highway 111 and Cook Street within Southern California's Inland Empire. It was built in 1977 and contains 180,000 square feet of space. Tenants include anchor Ralph's Fresh Fare and CVS/pharmacy.
— Coleman Wood