Monday, February 13, 2012

NBS Financial's Harding, Stapleton Secure $10M for Oregon City's Safeway-Anchored Hilltop Mall

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.

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