NBS Financial's Mike Wood has arranged $1.6 million in financing for Underwood Gartland 12, a 38,878 sf warehouse/distribution building in Woodinville, Washington. Earlier this summer, Wood provided $2.6 million in financing for Underwood Gartland 216, a building in the same development.
Symetra Life Insurance Company was the lender. This loan was a refinance of a maturing loan, and had a 62 percent loan-to-value ratio. Underwood Gartland 12 is a fully leased single-tenant building that was built in 1999.
“While the single tenant nature of the deal made some lenders uncomfortable, several lenders quoted the deal because of the existing equity in the property, strength of the borrowers and Class A nature of the improvements,” Wood said. “Symetra ultimately had the most competitive overall loan program.”
NBS Financial was Symetra’s top correspondent nationwide in 2008.