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HomeStreet Funds $23.6 Million Construction Loan for Lake Oswego Retail Center

January 10, 2014HomeStreet Bank has provided a $23.6 million construction loan to Gramor Development in Oregon to develop Kruse Village retail development.HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, announced today that it has provided a $23.6 million construction loan to Gramor Development (Gramor), a Tualatin, Oregon-based company, to develop Kruse Village in Lake Oswego, Ore. 

“This new development will transform Lake Oswego’s current urban landscape to help meet demand and create an activity center and core for Lake Oswego businesses and residents,” said HomeStreet Bank Vice President Bryce Payne, who originated the loan for Gramor.     

The Kruse Village retail development, located at the corner of Kruse Way and Carman Drive, will span five acres and provide 62,000 square feet of retail space in six single-story buildings with 34 tenant spaces.  Construction will begin in the spring of 2014 and is expected to be completed in the spring of 2015.

This week Gramor announced its ninth tenant for the property, Emergency Care Center and Comprehensive Pain Clinic of Portland. In addition to the clinic, Gramor has pre-leased space to eight other retail and restaurant tenants for Kruse Village:

  •  Ava Roasteria
  • Tavern on Kruse
  • Jimmy John’s Gourmet Sandwiches
  • Strada Italian Cuisine
  • Wow! Burger Express
  • MOD Superfast Pizza
  • Tan Republic
  • Vida Nails

Kruse Village is the third center that Gramor Development has created in Lake Oswego. Gramor is also responsible for A Street Station and Lake View Village.

Lake Oswego Mayor Kent Studebaker said, “"The Kruse Way corridor is a very successful, growing business area, and this project will be a welcome addition.”  He added, “I am pleased that Gramor's Kruse Village retail center will be getting under way. I am confident this will be another quality project." 

The site, to be located at 4591 S.W. Carman Drive in Lake Oswego, is the last parcel of the homestead land owned by the Kruse family. The development, located in the heart of the largest concentration of Class A office space outside the city of Portland’s central business district, will be in proximity to a workforce of 37,000 and a residential population of approximately 41,000 people.

The project design team includes Mackenzie, AKS Engineering, Harper Houf Peterson Righellis, Inc., Michael Schultz Landscape Design, Christopher Freshley Landscape Architects, and MKE & Associates. Todd Construction, Inc. is the general contractor and Commercial Realty Advisors is leading the leasing effort.