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Tualatin developer gets $38.2 million for Sherwood, Beaverton retail centers
Tualatin-based Gramor Development secured $38.2 million in construction loans in September, enabling the nearly 30-year-old developer to break ground on retail centers in Sherwood and Beaverton.
U.S Bank approved $15.4 million for the 190,000-square-foot Parkway Village at Sherwood. The $50 million project will be anchored by a Wal-Mart store that will comprise more than 70 percent of the centers commercial space.
U.S. Bank will also finance the 90,000-square-foot Timberland Town Center in Beaverton, which will boast a 40,000-square-foot Market of Choice store.
Both retail centers are expected to open in 2014.
Gramor has completed more than 55 commercial, office and residential developments to date.