Waterfront developer secures $42.5 million loan for construction of mixed-use block

A rendering of Block 6

Gramor Development, Inc. announced on Wednesday that it has secured a $42.5 million construction loan with U.S. Bank for The Waterfront Vancouver development.

Specifically, the loan will support the construction of a seven-story office building and six-story residential structure on The Waterfront’s “Block 6.” The street level of both buildings will feature a row of retail spaces known as the Shops at Waterfront Way.

“This is a really exciting time for The Waterfront project,” said Barry Cain, Gramor president, in a press release. “The transformation is well underway and it’s unlike anything that currently exists in our area. We’re turning what was once an industrial area into a vibrant destination for tourists, businesses and the surrounding community.”

On behalf of U.S. Bank, Ann Young, senior vice president, Oregon market manager, said, “Gramor is a driving force in revitalizing Vancouver’s waterfront and the local community. U.S. Bank is excited to be part of the project and to help bring this vibrant and unique development to life.”

Block 6 is expected to be complete in April 2018. Previously announced tenants include M.J. Murdock Charitable Trust, Cascade Sotheby’s International Realty and MidiCi The Neapolitan Pizza Company.

Beyond Block 6, other tenants signed on to the 32-acre, $1.5 billion project are WildFin American Grill, Twigs Bistro and Martini Bar (both at Block 9 of the development) and Ghost Runners Brewery (Block 12).