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HomeStreet funds $23.6 million loan for Kruse Village

Gramour Development announces ninth tenant


HomeStreet Bank Commercial Real Estate, one of the Northwest’s leading multifamily and commercial real estate lenders, has provided a $23.6 million construction loan for Gramor Development to develop the 62,000-square-foot retail center known as Kruse Village in Lake Oswego.

“This development will transform Lake Oswego’s current urban landscape to meet demand and create an activity center and core for Lake Oswego office users, local workers and residents,” said Bryce Payne, vice president and relationship manager, who originated the loan.

The Kruse Village retail development, owned by Barry Cain’s Gramour Development, will be located at the corner of Kruse Way and Carman Drive. With access from Carman and from Southwest Meadows Road, the property will feature six single-story buildings and 250 spaces for parking.

Gramor announced its ninth tenant for that property, Emergency Care Center and Comprehensive Pain Clinic of Portland. Gramor also has signed retail and restaurant tenants for Kruse Village including Ava Roasteria, Tavern on Kruse, Jimmy John’s Gourmet Sandwiches, Strada Italian Cuisine, Wow! Burger Express, MOD Superfast Pizza, Tan Republic and Vida Nails.

When completed in spring 2015, the project will increase the number of dining and retail options in Lake Oswego. Located on Kruse Way, Kruse Village will be near Highway 217 and Interstate 5, arterials that are traveled by thousands of daily commuters to the area where HomeStreet opened a mortgage lending center in April 2013.

Kruse Village is the third center Gramor Development has created in Lake Oswego. The developer 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. I am pleased that Gramor’s Kruse Village retail center will be getting underway. Mr. Cain’s company was a big part of the successful development of Lake View Village, so I am confident this will be another quality project.”

The site, to be located at 4591 SW Carman Drive in Lake Oswego, is the last parcel of the homestead land owned by the Kruse family, originally built in the 1850s.

The development, comprising 5 acres in the heart of one of Oregon’s most successful office and residential corridor, will reside among 2 million square feet of office space with access to the 37,000 employee workforce within a 2-mile radius.

The project design team for Kruse Village 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.




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