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10/05/15
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Gramor Development Inc has obtained $23 mil in financing for Timberland Town Center, a 91.8k sf retail center anchored by a boutique grocer in Portland. The money was used to take out the construction loan, as the property just reached stabilization.
Constructed in 2014, Timberland Town Center is part of the Timberland 105-acre, master-planned community, which includes 1,100 residences with a mix of single family homes, condominiums and apartments; a future middle school; three miles of walking trails and a community garden. Situated on 7.4 acres in western Portland at 230-250 NW Lost Springs Terrace and 11800-11835 NW Cedar Falls Drive, the center is locaed at a signalized intersection with easy access to Hwy 26, the main east-west thoroughfare between downtown Portland and the western suburbs.
The seven-building Timberland Town Center was constructed to have a northwest lodge feel and be a “Main Street’ retail location that also serves as a public plaza connected to the walking trails. The center is anchored by Market of Choice, a boutique, high-end grocer specializing in offering natural, organic, conventional and local products at affordable prices. Additional tenants of the center include Pharmaca, Clutch Sausagery, H&R Block, La Belle Nail, Mud Bay, Zucari Home and Garden, Gentle Dental, Urban Wax, Star Cycle and Barre3 Fitness.
The 10-year, fixed-rate loan was arranged by Casey Davidson of HFF and funded by AXA Equitable Life Insurance Company through its advisor, Quadrant Real Estate Advisors. It was made on behalf of a Gramor-controlled entity, Timberland Town Center LLC, an Oregon limited liability company.
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