Wednesday, December 5, 2012

NBS Financial Secures $7.5M for West Seattle's Soundview Apartments

NBS Financial Services Principal Mike Wood and Associate Finance Officer Andrew Patterson have secured $7.5 million for the Soundview Apartments, an 85-unit apartment building with ground-floor retail in West Seattle.

The Soundview Apartments were built in 2001 and have a strong operating history; now fully leased, they have been more than 97 percent occupied for the past five years, Wood said. They are on California Avenue SW just a few blocks from the West Seattle Junction, the area's main shopping and dining hub.

The property's operating strength and excellent location made it attractive to life insurance company lenders, who make up the majority of NBS Financial's correspondent relationships.

"Life insurance companies will do forward rate locks, which many other types of lenders don't do, and our lender was able to lock in a very attractive rate for the borrower five months in advance of funding," Wood said.

The loan has a 7-year term with 30-year amortization.

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