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July 24, 2003

L.J. Melody

The new owners of Alderwood Plaza, a 23-year-old retail center next to Alderwood Mall in Lynnwood, received $13.65 million in permanent financing from a life insurance company represented by the Seattle office of the commercial mortgage firm L.J. Melody & Co. Principals of Gramor Development Washington LLC and Barclays Realty bought the 178,500-square-foot plaza in June for $21 million from the Estate of James Campbell. Melody's Lois Townsend and Jack Standeford arranged the permanent financing.

Melody also arranged $8.5 million in permanent financing for The Market at Lake Tapps, a 67,000-square-foot neighborhood retail center. "Salomon provided the funding on behalf of ownership," Melody said. Keith Braddish of Melody's New York office secured the funding with help from the Seattle office.




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