Financing Lined Up For Retail Project River Park Square Developers Obtain Loan From U.S. Bank

River Park Square now has the financing in place to build the retail portion of the shopping and entertainment complex currently under construction downtown.

Minneapolis-based U.S. Bank will loan the developers a portion of the nearly $70 million in private money slated to be invested.

“By providing financing for this project, U.S. Bank has made a sizable commitment to the revitalization of downtown Spokane,” said Bob Robideaux, project manager.

Developers declined to disclose the exact amount of the loan.

It is probably the largest real estate development loan U.S. Bank has made in Spokane, but by no means is it the largest such loan made nationally, said Mark Virden, vice president and manager of U.S. Bank’s Commercial Real Estate Division in Spokane.

“It’s great to have a player like U.S. Bank so interested in downtown and interested in Spokane’s future,” said Betsy Cowles, president of the two companies that own River Park Square. “We’re glad to have them as a partner in this deal.”

The development is estimated to cost $110 million. A $22.65 million U.S. Housing and Urban Development loan and a $1 million federal grant will help fund the project. Another $26 million will come from bonds issued by a private, nonprofit foundation to pay for the parking garage.

As for the tenants of the retail space, the loan will help build space for Ann Taylor, Williams-Sonoma and Anderson & Emami stores on the street-level of the west block of the project. AMC Theaters, Eddie Bauer and Talbots will be on the east block.

Scheduled opening for the retail space and the parking garage is August 1999.

River Park Square is owned by Citizens Realty Co. and Lincoln Investment Co., affiliates of Cowles Publishing Co., owner of The Spokesman-Review.