Portland Retail Center Lands $23M Financing
- Sep 23, 2015
A 91,801-square-foot retail center in Portland, Ore. has landed $23 million in financing with the help of HFF.
Working on behalf of borrower Timberland Town Center LLC, a limited liability company controlled by Gramor Development Inc., HFF has secured a ten-year, fixed-rate loan for Timberland Town Center in western Portland. The broker placed the loan with AXA Equitable Life Insurance Co., through its advisor Quadrant Real Estate Advisors. An HFF debt placement team led by Managing Director Casey Davidson arranged the financing deal.
“This was an exciting project, as Gramor always constructs best of class properties with the right tenant mix and a long-term hold mentality,” Davidson said in prepared remarks. “The center had significant preleasing when we started the process 12 months ago, which really helped generate interest with the insurance company lenders.”
Completed only last year, Timberland Town Center is part of the 105-acre master-planned community at 230-250 NW Lost Springs Terrace and 11800-11835 NW Cedar Falls Drive. The seven-building community includes 1,100 residential units, a community garden, a future middle school, and three miles of walking trails. The 91,801-square-foot retail center is currently anchored by Market of Choice, a high-end grocer that offers natural, organic and local products at affordable prices.
Image courtesy of Gramor Development