U.S. Bank Closes on $11 Million Loan for C.E. John Co. to Expand Cedar Hills Crossing
BEAVERTON, Ore.--(BUSINESS WIRE)-- U.S. Bank and C.E. John Company have closed on an $11 million loan that will finance the expansion and renovations of Cedar Hills Crossing shopping center at 3205 S.W. Cedar Hills Boulevard in Beaverton, Oregon.
Over the coming weeks, C.E. John will be announcing a number of new tenants for the 24,000-square-feet of new and remodeled improvements which are expected to be completed this fall. MOD Pizza has leased 2,850 square feet at Cedar Hills Crossing, its first location outside of Washington.
We are pleased to provide financing for C.E. Johns expansion of Cedar Hills Crossing, said Ann Young, regional manager for U.S. Bank Commercial Real Estate in Portland. Projects like this are another sign of the local economy gaining momentum as consumer confidence improves.
Building on the strength and popularity of our existing tenants, this expansion will enhance the shopping experience for customers and introduce new and unique offerings to the Portland area, said Tom DiChiara, Vice President of Development for C.E. John Company. James E. John Construction is the general contractor for the project.
About C.E. John Company, Inc.
Formed in 1947, C.E. John Company is a full service real estate company active in construction, development, leasing and property management. It manages more than 2.5 million square feet of income properties and develops retail and multifamily mixed-use facilities for its own account throughout the Northwest.
About U.S. Bank Commercial Real Estate
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.
About U.S. Bank
U.S. Bancorp (USB), with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,056 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
U.S. Bank Public Relations
Teri Charest, 612-303-0732
Source: U.S. BancorpCopyright Business Wire 2013