Harding Arranges $1.2M in Financing for Lake Oswego Flex Building

NBS Financial Services Vice President Todd Harding has arranged $1.2 million in fixed-rate financing for Meridian Business Park Building D, a 19,450 sf flex building in Lake Oswego, Oregon. The borrower was a Portland-based family, and StanCorp Mortgage Investors was the lender.

Harding had some challenges to overcome on this transaction, as Building D’s single tenant had a year and a half left on its lease when Harding began working on the refinance, and the owner wasn’t sure if the tenant would renew.

But Building D’s many strengths outweighed this factor. Building D was built in 2003 and the tenant had put considerable work into improving the building’s production area. Plus, the 7-building, 200,000+ sf Meridian Business Park is completely occupied, which spoke to the lender about the quality of the borrower, who manages the property, and its ability to attract and retain tenants.

Much of the activity in commercial real estate finance today is in the multifamily market, but flex is a popular product type locally, Harding said.

“The majority of companies in the Portland area have fewer than 25 employees, so flex has always worked well here,” Harding said.