NBS Financial's Wood Arranges $6M for Renton Commerce Center

NBS Financial Services Executive Vice President Mike Wood has arranged $6 million in financing for Renton Commerce Center, a 114,307 sf flex/industrial building in Renton, Washington, southeast of Seattle. Woodmen of the World was the lender.

Renton Commerce Center was built in 2002 and is fully leased. Tenants include Occupational Health Service, Valley Medical Hospital and CompuVest Corp.

“The conservative loan request, strength of the borrower and Class A quality of the building all contributed to having strong interest from numerous lenders, which allowed us to provide the borrower the most competitive terms available in the market,” Wood said.

Woodmen of the World offered the most attractive overall terms, and the loan funded 46 days from signed application to funding.

NBS Financial Arranges $10.2M in Forward Rate Lock Financing for Apartments in Davis, CA

NBS Financial Services Executive Vice President Ken Griggs and Associate Finance Officer Paddy Ryan have secured $10.2 million in financing for the Saratoga West Apartments, a 98-unit complex in Davis, California. Fannie Mae was the lender.

Griggs and Ryan were able to lock in an attractive 5.83% rate in advance, which was very attractive to the borrower because it removed the risk of fluctuating interest rates in an uncertain economic environment.

“We were able to lock in the rate ten months early, which gave the borrower some peace of mind,” Griggs said.

The loan is interest-only for two years, which was another benefit for the borrower, Griggs said.

The Saratoga West Apartments are close to the University of California – Davis campus, and virtually all of the residents are students, which can make some lenders nervous, Griggs said. Even so, they were still able to achieve a 75% loan-to-value ratio.

NBS Financial has offices in Portland, Oregon, and Seattle, Washington, and arranges financing for properties throughout the country.

NBS Financial President Hering Honored With Award from Portland Business Alliance

J. Clayton Hering, President of Norris, Beggs & Simpson Companies, was honored with the 2009 William S. Naito Outstanding Service Award at the Portland Business Alliance’s Leadership Evening at the Portland Art Museum on Nov. 4.

The award recognizes exceptional leadership and service to the business community, and has been awarded to a member of the PBA since 1985. In the 1990s, it was renamed to honor the late Bill Naito, whose work exemplified the values the Alliance recognizes – community service, philanthropy and leadership. Past recipients include Fred Stickel, publisher of The Oregonian, the late Bob Gerding, cofounder of Gerding/Edlen Development Company, and Peggy Fowler, CEO of Portland General Electric.

Hering is active in a number of community organizations, and is a strong proponent of the arts. He is on the Portland Business Alliance Board of Directors, and is the Vice Chair of the Oregon Symphony Board of Directors. He is on the OHSU Foundation Board of Trustees, and has been involved with Young Audiences of Oregon/SW Washington and many other organizations.

Hering, a graduate of Dartmouth College, served in the United States Marine Corps for three years, including service in Vietnam where he attained the rank of Captain. He joined Norris, Beggs & Simpson Companies in 1972, was promoted to partner and regional manager in 1976 and became president in 1989. He oversees the company’s finance division, capital asset group and office and retail brokerage operations.

Henderson Joins NBS Financial as Finance Officer

Jeff Henderson has joined NBS Financial Services as a Finance Officer. He will work in the Seattle office and originate loans for commercial properties around the Pacific Northwest.

Henderson has a wealth of experience in real estate along the West Coast. Most recently, Henderson owned his own company, which acquired and repositioned residential projects, and served as a consultant for numerous commercial real estate organizations working on commercial development and asset management projects. From 2002 to 2005 he served as Acquisitions Analyst and Assistant Due Diligence Manager at Harsch Investment Properties, where he developed cash flow projects on over $1 billion worth of commercial property, including retail, office and industrial.

Henderson was the Chairman of the Urban Land Institute’s Young Leaders Group of Oregon/SW Washington from 2007 to 2008, and was a board member and program chair in previous years. He graduated summa cum laude with a BS in business administration with an emphasis in finance from Oregon State University.