U.S. Bank and CenterCal, LLC have closed on the financing of two construction loans totaling $54 million for the initial development phase of The Village at Meridian in Meridian, Idaho and Washington Plaza, the newest addition to CenterCal’s Valley Mall Shopping Complex, in Union Gap, Wash.
U.S. Bank provided a $43 million construction loan for the initial phase of Village at Meridian, a retail center located at North Eagle Road and East Fairview Avenue, adjacent to the new 60-acre Julius M. Kleiner Memorial Park. Tenants include Gordmans, Big Al’s family entertainment center, Marshalls, Nike Factory Outlet Store, Gap Outlet, Petco, Toys R’Us / Babies R’ Us, and Pacific Dental.
U.S. Bank has also provided a $10.7 million construction loan for Washington Plaza, a 120,000-square-foot retail center anchored by J.C. Penney, Cabela’s Outpost and Famous Dave’s BBQ Shack restaurant. Cabela’s held its grand opening on October 4, 2012, followed by the grand opening of Penney’s the following day.
“U.S. Bank is working with customers like CenterCal in cities all over the country to get the economy moving,” said Ann Young, commercial real estate manager for U.S. Bank in the Pacific Northwest. “We are proud to partner with CenterCal on these projects, and consider CenterCal to be a highly-respected real estate company that develops and maintains quality projects for the long term.”“U.S. Bank has been a great lender on our development as we execute significant projects in the current environment,” said Jean Paul Wardy, president of CenterCal, LLC. CenterCal, LLC is a full-service commercial real estate company specializing in the development, construction, property and asset management of fine retail properties throughout the western United States. They have offices in Oregon and California. U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.