Monday, December 10, 2012

NBS Financial's Hering, Jr. Arranges $25.5M for Sacramento-Area Apartments

NBS Financial Services Principal, Director of Portland Production Blake Hering, Jr. has arranged $25.5 million in acquisition financing for the Pinnacle at Galleria Apartments, a 236-unit apartment community in Roseville, California. Financing was provided by Freddie Mac through one of NBS Financial's joint venture relationships.

Buyer Oregon Pacific Investment & Development Company (OPID) paid about $166,000 per unit for the high-quality complex, and received several years of interest-only payments and a very attractive rate, Hering, Jr. said. Built in 2001, the Pinnacle is located in an appealing area outside of Sacramento, across from The Galleria, the region's premier mall, and next to The Fountains, an upscale lifestyle center.

The purchase of the Pinnacle at Galleria Apartments was the second part of a 1031 exchange, which exempts a transaction from capital gains taxes. OPID, a longtime client of Hering, Jr.'s, sold Parkside Center, a downtown Portland office building, in September. NAI Norris, Beggs & Simpson President Chris Johnson and Vice President MaryKay West represented OPID in the Parkside sale.

"This transaction is a great example of the array of commercial real estate services, including financing, brokerage and property management, provided by the Norris, Beggs & Simpson family of companies," Hering, Jr. said.

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