Thursday, April 1, 2010

NBS Celebrates 78th Anniversary Today

Today marks Norris, Beggs & Simpson's 78th anniversary. Here's a brief look at NBS' history.

NBS was founded in 1932 in Portland, Oregon, by A.D. Norris and George Beggs, and later joined by David B. Simpson. The company had a small office in the Wilcox Building, which still stands today at the corner of SW 6th Avenue and Washington Street in downtown Portland.

With the country mired in depression, few areas of the economy were left unscathed. Though the real estate industry suffered, Norris, Beggs & Simpson quickly became profitable by specializing in property management and acquiring many prominent families of the Pacific Northwest as clients.

New England Mutual Life Insurance Company of Boston played a key role in the early growth of Norris, Beggs & Simpson, by enlisting the company to manage a series of foreclosed properties in Portland and appointing the company as its mortgage loan correspondent in the area. Commercial and industrial brokerage services were also added to expand the company’s reach, and an emphasis was placed on involvement with major financial institutions.

NBS expanded into a full-service commercial real estate operation, and opened its Vancouver office in 1985 and Bellevue (now Seattle) office in 1988.

NBS Financial, one of four companies under the Norris, Beggs & Simpson Companies umbrella, joined Strategic Alliance Mortgage (SAM), a 20-member firm of privately held mortgage banking and commercial real estate investment companies located strategically throughout the United States, in 1997.

In 2009, the company arranged $175 million in financing for transactions ranging in size from $650,000 to $23,840,000, and our servicing portfolio is $1.7 billion strong.

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