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| Progress Ridge Townsquare, Portland, OR |
PORTLAND, OR – HFF announced today that it has arranged $42
million in financing for Progress Ridge Townsquare, a
213,809-square-foot retail community center in Portland, Oregon.
Working on behalf of Gramor Development, HFF placed the 10-year, 3.7
percent fixed-rate loan with Lincoln Financial Group. The loan is taking out a construction loan on the property and
will be serviced by HFF.
Completed in 2011, Progress Ridge Townsquare has nine retail buildings
that are 86.5 percent leased to anchor tenants New Seasons, a local boutique
grocer, and Cinetopia, a luxury “living room” theatre company with three local
locations.
In-line tenants
include Ace Hardware, Play Boutique, Fuddruckers, Umpqua Bank and Gentle
Dental. The property is situated on
14.5 acres at 14805 SW Barrows Road on the border of Beaverton and Tigard,
Oregon in the Portland metropolitan area.
The
HFF team representing Gramor Development was led by managing director Casey
Davidson and senior managing director Lloyd Minten.
Gramor Development is a commercial development firm based in the
Portland/Vancouver area. Since its
inception in 1985, the firm has completed more than 50 developments totaling
over four million square feet and valued at nearly $750 million.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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