$23 million financing for newly-built retail center with boutique grocer in Portland, Oregon, arranged by HFF
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $23 million in financing for Timberland Town Center, a 91,801-square-foot retail center anchored by a boutique grocer in Portland, Oregon.
HFF worked on behalf of the borrower, Timberland Town Center LLC, an Oregon limited liability company controlled by Gramor Development, Inc., to secure the 10-year, fixed-rate loan with AXA Equitable Life Insurance Company through its advisor Quadrant Real Estate Advisors. Loan proceeds were 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 situated at a signalized intersection with easy access to Highway 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 HFF debt placement team representing the borrower was led by managing director Casey Davidson.
”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. “The center had significant preleasing when we started the process 12 months ago, which really helped generate interest with the insurance company lenders.”
About Gramor Development, Inc.
Oregon’s own Gramor Development, Inc. launched in the Portland/ Vancouver area in January 1985 under the leadership of president Barry Cain. Gramor Development, Inc. is a real estate development company that primarily specializes in shopping centers. Gramor has successfully developed more than 55 projects in the Portland metropolitan area, valued at more than $850 million. In 2010, Mr. Cain was awarded Commercial Real Estate’s CEO of the Year by the Portland Business Journal, and Gramor ranked in the top 10 of Commercial Real Estate and Development Companies. Visit gramor.com for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.