Thursday, March 11, 2010

NBS Financial's Wood Secures $3.75M for Park at Auburn Apartments

NBS Financial Services Executive Vice President Mike Wood has secured $3.75 million in refinancing for the Park at Auburn Apartments, an 83-unit apartment complex in Auburn, Washington, that was built in 1981.

The funds are from Fannie Mae through NBS Financial’s correspondent relationship with Walker & Dunlop, one of the largest non-bank commercial real estate lenders in the country. This relationship allows NBS Financial access to Fannie Mae and Freddie Mac financing, which is the most competitive financing for multifamily properties in the market today, according to Wood.

Wood said that the refinance allowed the borrower to pay off two existing loans on the property that had above market interest rates, lock in a ten-year term at an interest rate below 6 percent, and pull out significant excess proceeds, which will allow the borrower to purchase other multifamily properties.

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