NBS Financial Services Principal Mike Wood and Associate Finance Officer Andrew Patterson have arranged $9 million for Pioneer Village Shopping Center in Orting, a small town about 40 miles south of Seattle.
The 82,130 sf Pioneer Village Shopping Center was built in 2000. It is anchored by Safeway and is 92 percent occupied. The borrower was seeking a long-term, fully amortizing loan.
"This was a heavily shopped transaction, but NBS Financial was able to step up and deliver a very attractive rate and terms that beat the competition," Wood said.
With a population under 7,000, Orting is considered a tertiary market, which was initially a concern for some lenders, who prefer larger primary markets. Anchor tenant Safeway doesn't report sales, and its lease is up for renewal in less than ten years, which was also a concern since the borrower sought a longer term loan.
But NBS Financial was able to overcome these challenges with a relatively conservative loan-to-value and a rate in the low 4 percent range on a 20-year loan term with a 20-year amortization.