Monday, March 8, 2010

NBS Financial's Harding Arranges $4.05M for Beaverton Apartment Complex

NBS Financial Services Vice President Todd B. Harding has arranged $4.05 million in acquisition financing through Fannie Mae for the Hallwood Apartments in Beaverton.

The 76-unit Hallwood Apartments were built in 1986, and are garden-style, two-story wood-frame apartments. The financing provided more than 75 percent of acquisition costs for the local borrower on a non-recourse basis. NBS Financial has arranged two other Fannie Mae transactions for this borrower in the past two years.

NBS Financial has arranged financing for a number of apartment complexes in the last two months, and Harding attributes this to multifamily being the preferred product type in the market. Fannie Mae and Freddie Mac provide the best loan amounts and interest rates for multifamily properties, he said. The Hallwood Apartments loan, for instance, accounted for nearly 80 percent of acquisition costs, while life companies generally provide closer to 60 or 70 percent of acquisition.

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