Senior Vice President Wally
Harding has arranged $4.7 million in refinancing for NTP Distribution, a
108,825 sf warehouse/distribution facility in Wilsonville, Oregon. Lender
StanCorp Mortgage Investors provided a long-term, fixed-rate mortgage at a low
rate.
NTP
Distribution is an after-market provider of products, parts and accessories for
dealers in the recreational vehicle (RV) and hitch and tow industries. The
Wilsonville facility, at 27150 SW Kinsman Road, is its national corporate
headquarters and a major distribution center.
Wilsonville,
about 20 miles south of Portland, is a highly desirable growing location for
industrial space users due to its close proximity to I-5, Harding said.
The Federal Open Market Committee announced after its meeting in late January that it plans to keep interest rates near zero until 2014. This was a somewhat surprising decision, considering that unemployment fell to 8.3% in January, the fifth consecutive month it has decreased, and the economy has seen other signs of improvement in recent months. The Fed remains cautious, and could change course if unemployment falls more significantly and the American economy begins growing at a faster pace. Out of 49 economists surveyed by the Wall Street Journal recently, the majority believed that rates should be raised sooner and were concerned that keeping rates low could spur inflation.
Despite the Fed’s lack of confidence in the economy, the commercial real estate finance market has been performing well. Life insurance company lenders, NBS Financial’s major correspondent relationships, are increasing allocations for 2012. The Mortgage Bankers Association (MBA) is expecting $230 billion in commercial and multifamily mortgage origination during 2012, a 17% increase from 2011, and up to $290 billion in 2015. Although the CMBS market is still nowhere near its pre-recession heights, it has seen improvement in recent months.
NBS Financial Services Senior Vice President Todd Harding and Associate Finance
Officer Mick Stapleton have arranged $10 million for the Safeway-anchored
Hilltop Mall Shopping Center in Oregon City.
The
Safeway, which opened in November and also has a fueling station, is the
company’s first store in Oregon City in nearly 40 years. It sits on the former
site of Danielson’s Fresh Marketplace, which closed in March 2010 and was
demolished. Former Danielson’s owners Craig Danielson and Carol Suzuki own and
operate the shopping center, which comprises about 180,000 sf and includes a
movie theater, banks, restaurants and more.
Though
it was sad to see the closure of Danielson’s, a community fixture for 35 years,
Safeway is about 20,000 sf larger and employs more staff (about 150 people),
Harding said.
“The new Safeway is a great addition to Oregon City, and the community is very
excited about it,” Harding said, noting that the store’s opening was attended
by Congressman Kurt Schrader, Clackamas County Sheriff Craig Roberts and many
Safeway officials. The Safeway is also cited differently than Danielson’s
which, along with a new road and other improvements, has given the shopping
center a fresh look and feel.
Allstate,
one of NBS Financial’s newest correspondent relationships, provided the loan.
One challenge the NBS Financial team had to overcome was that some new space at
the shopping center was vacant at the time they were seeking financing. But
Allstate recognized that a strong, grocery-anchored shopping center would have
no trouble gaining tenants.
