NBS Financial Arranges $8.23M Re-Fi for Luxury Residential Property in Boise

 NBS Financial Services Senior Vice President Wally Harding and Senior Associate Finance Officer Mick Stapleton have arranged $8,234,000 in refinancing for The  Retreat at Union Square, a 126 unit luxury residential property in Boise, Idaho. Financing was placed through the Fannie Mac DUS program for long-time Boise developer, Union Retreat, LLC.

The refinance paid off the construction lender to provide long-term financing with a favorable interest rate. Harding and Stapleton secured the refinance of the construction loan with interest-only for the first 5 years over a 10-year term and a 30-year amortization.

The Retreat at Union Square is a new, exceptionally built Class A residential property offering spacious 1-3 bedroom homes equipped with a community center, pool and spa. The complex is conveniently located in Southwest Boise with quick accessibility to downtown, job centers and shopping.

NBS Financial Arranges $39M in Acquisition Financing for FedEx Building Redmond

NBS Financial Services’ Mike Wood, Principal, Director of Seattle Production has arranged $39 million in acquisition financing for a 210,321 sf FedEx industrial property in Redmond, Washington.

State Farm Life Insurance, located in Bloomington, Illinois, is the lender. The transaction proved to be challenging in regards to the fact that it was a single non-investment grade tenant requiring a high loan per square foot at approximately $185. This is a sharp contrast to the typical $100-150 valuation for industrial product, Wood said. In addition to these challenges, FedEx Corporation didn’t guarantee the lease as the tenant is only a subsidiary.

Despite these challenges, Wood was able to structure the loan with a 20-year term and 20-year amortization and the borrower locked in a sub 4 percent interest rate.

“The borrower requested a long-term fully amortizing loan in order to lock-in a low interest rate and avoid refinancing,” Wood said. “If the buyer sought the same deal in the current market, the rate today would be an estimated 100 basis points higher.”

NBS Financial Arranges $35M in Refinancing for Von Karman Plaza

Norris,Beggs & Simpson Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged a $35 million refinance loan for  Von Karman Plaza, a 241,539 sf retail property in Irvine, California.

Harsch Investment Corp. is the underlying borrower of Von Karman, LLC and ING Investment Management, out of Atlanta, is the lender.

Prior to the refinancing, the Von Karman Plaza was in the midst of repositioning itself due to several retailers vacating large blocks of space, including Sam’s Club. After major renovations and reintroduction of the property to the market, the borrower was able to bring in new anchor tenants like Wal-Mart, filling up a majority of the property’s vacancy. At the time of funding, a block of unoccupied space remained, but ING had confidence in filling the outstanding occupancy and was able to structure a solution. The owner seized the opportunity to refinance, which then would help fund the final renovations.

 “Even though there was a considerable vacancy, ING Investment Management was attracted to the borrower’s efforts to reposition the property and its leasing efforts to date,” Griggs said. “ING was confident that the borrower would fill the remaining vacancy.”

Griggs and Ryan were able to structure a favorable refinance locking in a low interest rate for a 10-year term and 30-year amortization with an attractive level of proceeds to meet the borrower’s needs.

Hering Speaks About Portland Commercial Real Estate Finance on KXL Business Briefing

With construction restarting on Portland's Park Avenue West tower last week, the spotlight is once again on Portland's commercial real estate market, particularly downtown. Our Blake Hering was able to weigh in on commercial real estate finance in an interview on KXL's Business Briefing yesterday with host Brian Bushlach. Click here to listen to the podcast.

Oct. 16 Panel Discussion Will Focus on Investing in the Puget Sound Real Estate Market

Join Seattle Business magazine and NBS Financial Services on Oct. 16 for a conversation on commercial real estate investment and economic forecasting in the Puget Sound.

The event will be from 4:30 to 5:30 p.m. at the Renaissance Hotel Seattle, 515 Madison Street.

NBS Financial Principal, Director of Seattle Production Mike Wood will moderate a discussion featuring the following panelists:

-Bill Pollard: Co-founder & Principal, Talon Private Capital

-Colin Elder: Sr. Vice President Manager, Mortgage Loans, Symetra

-Eric Bridges: Investment Officer, State Farm Insurance Companies

-Jay Thomas: Senior Vice President, Multifamily Finance, Walker & Dunlop

Mathew Gardner: Principal, Gardner Johnson LLC, will also give a real estate forecast presentation.

Tickets are $40 and limited to the first 75 attendees. Click here to purchase tickets and get more information.

Johnson Joins Seattle Office as Financial Analyst

Austin Johnson has joined NBS Financial Services in Seattle as a Financial Analyst. As a member of the loan origination team, he helps satisfy the capital needs of our clients through exclusive relationships with life insurance companies, conduits and various other lenders.

Johnson was most recently an Investment Analyst Intern at Trammell Crow Company in Seattle, where he completed financial analysis. He has also served as a Research Analyst at Colliers International in Bellevue, where he analyzed complex data to write quarterly reports, analyzed transaction data and market activity and provided pro forma financial analysis for brokers.

Johnson holds a bachelor’s degree in business administration with a concentration in finance from Gonzaga University.

Goodwin Joins NBS Financial's Seattle Office as Financial Analyst

Zack Goodwin has joined NBS Financial Services as a Financial Analyst. He works closely with other members of the loan origination team to secure capital to satisfy clients’ needs through exclusive relationships with life companies, conduits, REITs and pension funds.

Prior to joining NBS Financial, Goodwin was an Associate Financial Representative with Northwestern Mutual Wealth Management Company, where he focused on marketing, new business development and relationship management. Goodwin also has experience in commercial real estate brokerage. As a Commercial Real Estate Associate with Coldwell Banker Tomlinson in Spokane, he specialized in multifamily, office, medical and land. He also conducted research for a local investment group that specialized in multifamily acquisitions across the nation.

Goodwin holds a bachelor’s degree in business administration with concentrations in finance and marketing from Gonzaga University. He is a licensed real estate broker in Washington.

Illias Joins NBS Financial's Portland Office as Financial Analyst

Matt Illias has joined NBS Financial Services as a Financial Analyst. He works closely with other members of the loan origination team to secure capital to satisfy clients’ needs through exclusive relationships with life companies, conduits, REITs and pension funds.

Illias previously worked as a Universal Associate at Umpqua Bank in Portland. A native of Portland, he holds a BS in accounting from the University of Oregon.

NBS Financial Arranges $6.8M in CMBS Financing for Kimball Creek Village

NBS Financial Services' Mike Wood, Principal, Director of Seattle Production, and Andrew Patterson, Senior Associate Finance Officer, have arranged a $6.8 million loan for Kimball Creek Village, a 30,133 sf retail property in Snoqualmie, Washington, about 25 miles east of Seattle.

This is the first transaction with a commercial mortgage-backed securities (CMBS) lender that Wood and Patterson have completed since 2007.

"The CMBS market was hot in 2006 and 2007 but cooled off for much of the recession," Wood said. "Now that market is coming back. CMBS pricing is more competitive and these lenders will take on more risk to win business."

The transaction presented a number of challenges, including the fact that it required a 75 percent loan-to-value and a high loan per square foot. Kimball Creek Village is also located in a secondary submarket and is not grocery anchored, which limited interest from NBS’ traditional life insurance company lender base. While the center was 91 percent occupied when the transaction began, one tenant vacated during the process.

Wood and Patterson were able overcome these hurdles and close the loan on a tight timeline, allowing the borrower to avoid paying extra fees to extend the construction loan, after several previous extensions.

Griggs Named NBS Financial's 2012 Finance Officer of the Year

Congratulations to Ken Griggs, who was honored as NBS Financial's Finance Officer of the Year for 2012 at the company's annual Awards Banquet Jan. 26.

Griggs closed an amazing 18 deals valued at $127 million last year. His largest transaction was arranging $26.5 million for the Remington Apartments in Austin, Texas.

Griggs has been in the real estate investment industry since 1984. Since joining NBS in 1993, he  has originated over $1 billion in finance transactions throughout the Northwest. The completed transactions encompass a variety of property types including industrial, office, retail, multifamily, senior housing, and mobile home parks. He became President of NBS Financial in 2011, and serves on the Management Team for Norris, Beggs & Simpson Companies. He is also active in many industry and civic organizations.