Wednesday, January 20, 2010

NBS Financial's Wood Arranges $18.9M for Amberglen Office Properties

NBS Financial Services Executive Vice President Mike Wood, of the company’s Seattle office, has arranged $18.9 million in financing for the acquisition of a seven-building portfolio at Amberglen Business Center in Beaverton, Oregon.

Wood represented the lender, Symetra Life Insurance Company. Rob Meister, a Vice President at Grandbridge Real Estate Capital in Milwaukee, Wisconsin, represented the buyer.

Arranging loans for multi-asset portfolios is especially challenging, Wood said. Overall, the Amberglen portfolio comprised seven buildings that measure more than 350,000 sf. The loan had a very short closing period, from signed application on Nov. 4 to funding Dec. 11. It had other unique aspects, including a 70% loan to purchase price, and some flexibility with regard to prepayment penalty and release provisions.

“While the short closing timeline presented a challenge, Symetra and NBS were able to meet the borrower’s funding date, due in part to having a very motivated borrower as well as a motivated lender,” Wood said. “The lender was also able to see the inherent value in the portfolio, which got them comfortable with lending at that 70% loan to purchase price, whereas most loans these days are at a 65% LTV or below.”

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