Monday, April 13, 2009

Hering, Jr. Garners $25M in Funding for Three Apartment Complexes

NBS Financial Services Executive Vice President Blake Hering, Jr. has secured $25 million in financing for three apartment communities in the Portland metropolitan area since the beginning of the year.

Lender State Farm Life Insurance Company provided $10.5 million for the 235-unit Squire’s Court Apartments in Clackamas, $10 million for the 240-unit Riverwood Heights Apartments in Tigard, and $4.5 million for the 124-unit Cedar Square Apartments in Cedar Hills.

State Farm is one of several active sources for NBS Financial Services.

“In a glacially slow-moving commercial debt market, this is a positive sign that some lenders have remained active and competitive for high quality assets with well-positioned ownership,” Hering, Jr. said.

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