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Murray Scholls Town Center Secures $31M Loan

PORTLAND-Gramor Development Inc., developer of the year-old, 203,000-sf office and retail project, secures the financing from Deutsche Bank through L.J. Melody. The property serves as the corporate headquarters for Metro One Communications and includes retail tenants such as Chevron, 24-Hour Fitness, and Walgreens.

By Brian K. Miller | Updated on April 01, 2002

PORTLAND-Deutsche Banc of New York has loaned $31 million to Gramor Development Inc. to pay off a construction for Murray Scholls Town Center, a 203,000-sf office and retail project in Beaverton, Ore. The project was completed last year and is 95% occupied.

The investment bank L.J. Melody & Company arranged the 10-year, fixed-rate construction take-out. The interest rate is not being released. The loan-to-value was 75%. Lois Townsend in Melody’s Seattle office, along with John Petersen in the firm’s Portland office, negotiated the transaction. “It’s a mixed-use, high-end product, which is a little atypical of the market,” Townsend tells GlobeSt.com.

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