Retail Center Set for $15M Renovation

Retail Center Set for $15M Renovation
The Kohl’s store at Regency Center.

The Regency Center in Lakewood is poised to get some serious renovations, thanks to a $15 million refinancing deal brokered by the El Segundo-based Venture West Funding.

The private brokerage firm confirmed the refinancing arrangement for the 305,000-square-foot multi-tenant neighborhood retail and entertainment center, which is home to Cal Bowl, the Rinks Lakewood, and a Kohl’s store, in a September 14 statement. The center was originally developed in the 1980s, with additional improvements constructed through 2003.

The location, on Carson Street and Paramount Boulevard, is easily accessed from Long Beach and Lakewood, making it an attractive shopping spot for residents of both. It’s only a few minutes from the Lakewood Country Club, Long Beach Airport and the new Long Beach Douglas Park redevelopment.

According to Venture West, the borrower is an affiliate of the West Hollywood-based Robertson Properties Group. Robertson began purchasing parcels at the property in the late 1970s, and since then it’s been acquiring and developing nearby parcels to expand the center.

Matt Douglas, principal of Venture West Funding, arranged the financing with Farmers & Merchants Bank. In a statement accompanying the news release, Douglas said the deal was successful despite the current concerns about the economy.

“In this new interest-rate environment, long-standing and trustworthy relationships with lending sources are essential,” said Douglas. “We were able to uniquely structure this long-term fixed loan at a very competitive rate. The bank offered an extended rate lock and executed seamlessly for the borrower.”

Venture West, founded in 1997, has placed over $12 billion in loan originations in the past 20 years, most in or adjacent to Los Angeles. It’s one of the largest firms of its kind operating in Southern California and specializes in mortgage loans secured by apartment buildings, commercial properties, and single-family homes to a wide variety of borrowers.

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