Monday, November 12, 2012

NBS Financial Arranges $26.5M in Acquisition Financing for 344-Unit Austin Apartments

NBS Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $26.5 million in acquisition financing for the Remington Apartments, a 344-unit apartment community in Austin, Texas.

NBS Financial represented the buyer, Walter C. Bowen and BPM Real Estate Group LLC, a Portland-based owner and manager of apartments and assisted living. Funding was provided by Fannie Mae through a correspondent relationship of NBS Financial's.

The loan was fully leveraged with a 10-year term and 30-year amortization. The buyer had a tight acquisition timeline, and the loan closed in 48 days.

Remington Apartments is a Class A, garden-style apartment complex, built in 2007.

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