NBS Financial Services Executive Vice President Michael Wood has secured $2.725 million in financing for Fife Landing East – Building B in Fife, Washington.
The 84,740 sf building, in the Kent Valley industrial area in Pierce County, is fully occupied by a single tenant on a short-term lease, which can make it difficult to secure a loan, Wood said. But the overall stability of the industrial market, the quality of the building, and NBS Financial’s correspondent relationship with the lender, Symetra Life Insurance Company, made the loan possible.
“Even in these challenging financial markets, our correspondent life insurance company lenders still have capital available for deals like this, where you have institutional quality real estate, a strong real estate market and experienced sponsors with true equity in the property,” Wood said.
NBS Financial was Symetra’s top correspondent nationwide in 2008, and has a long-term working relationship with the company. Wood provided the original loan for Fife Landing East – Building B when it was built in 2001.
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