Monday, November 29, 2010

Wood Arranges $23.2M for Seattle Ground Lease

NBS Financial Services Executive Vice President Mike Wood has arranged a $23.2 million loan for a 616,894 sf ground lease in Seattle. John Hancock was the lender.

A ground lease means a tenant leases a piece of land from its owner, usually for a long term, and the tenant is responsible for any improvements. A ground lease isn’t a common way to structure an investment, Wood said, especially not a ground lease of this size, and this loan basically finances the payments to the ground lease owner.

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