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.

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.

NBS Financial President Hering Receives CAR Award

Clayton Hering, President of NBS Financial Services, was named Co-Humanitarian of the Year by the Commercial Association of Realtors (CAR) Oregon/SW Washington at its awards dinner last night at the Governor Hotel in Portland. Dietra Stivahtis of Fidelity National Title Company was the other honoree.

Hering is active in a number of charitable organizations, including the Oregon Symphony. He is currently the Board of Directors Vice Chair and has been involved with the Oregon Symphony for more than twenty years. He's also active in groups like Business for Culture and the Arts and Young Audiences of Oregon/SW Washington.

CAR offers education, provides government advocacy and creates opportunities for commercial real estate professionals to connect and grow their business.

NBS Companies and Stratton Launch NBS Multifamily Management

Norris, Beggs & Simpson Companies, NBS Financial's parent company, and Susan Bowlsby Stratton, a successful apartment management executive, have joined forces to found NBS Multifamily Management, a company dedicated to managing apartment communities of 100 units or more around the West Coast.

Why start a new venture in this economic climate? NBS Companies President J. Clayton Hering said he expects that as the job market grows, the demand for housing will increase, with a short supply of single-family and multifamily housing due to the significant reduction in construction over the last several years. With single-family lenders requiring greater equity and better credit, fewer people will be able to buy houses and will thus reenter the apartment market.

“With increased market activity the necessity for professional, value-added multifamily management will rise, and NBS Multifamily Management will provide a quality of service to enable multifamily owners to be competitive,” Hering said.

NBS Multifamily Management expects to hire more than 100 people in the area to run and maintain the apartment communities it will manage.

Stratton, who has more than 20 years of multifamily management experience up and down the West Coast, will serve as President of the new company. Stratton spent 13 years at Harsch Investment Properties, most recently as Senior Vice President of Operations, where she was responsible for the company’s multifamily division and managed up to 5,500 units. A native Oregonian, she will receive her Executive MBA from Pepperdine University in March.

“I am so pleased to be joining NBS,” Stratton said. “My years of experience combined with NBS’ very successful property management track record will allow us to shine in the multifamily management industry.”

Cassandra Haavisto will serve as NBS Multifamily Management’s Regional Manager for the Puget Sound area. Haavisto’s industry experience spans 20 years; she has managed more than 13,000 units during her career and worked for major companies like Harsch Investment Properties and Trammell Crow.