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.

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.