MERIDIAN, Idaho & UNION GAP, Wash.--(BUSINESS WIRE)--Oct. 25, 2012--
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.
U.S. Bancorp (NYSE: USB), with $352 billion in assets as of Sept. 30,
2012, is the parent company of U.S. Bank, the 5th largest commercial
bank in the United States. The company operates 3,086 banking offices in
25 states and 5,080 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
Source: U.S. Bank
Nicole Garrison-Sprenger, 612-303-0731