Thursday, January 23, 2014

NBS Financial Arranges $43.57M in Financing for Cedar Hills Crossing

NBS Financial ServicesTodd Harding, Senior Vice President and Mick Stapleton, Senior Associate Finance Officer have arranged $43.57 million in permanent financing for Cedar Hills Crossing, a 464,234 sf retail property sprawling 37.07 acres in Beaverton. Harding and Stapleton represented both the lender, Nationwide Insurance, as well as the borrower.

Center Developments OR, LLC is a local borrower based in Vancouver, Washington and originally built Cedar Hills Crossing in the 1960s. The mega retail center underwent remodeling in 2005 and boasts several major retailers including Ross Dress for Less, Best Buy, Powell’s Books, New Seasons and Winco.

“Cedar Hills is unique in that it offers two different grocers, Winco and New Seasons,” Harding said. “But that’s a testament to it being a fantastic mall in a great location.”

Ideally located just 2 miles from Nike in the heart of Beaverton, Cedar Hills Crossing is the go-to shopping destination of the area. Center Developments OR, LLC was able to lock interest rates early with Nationwide for the loan’s 10-year term.

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