Thursday, January 2, 2014

NBS Financial & Newmark Realty Capital Secure $9M for 19th & Mercer Apartments

NBS Financial ServicesMike Wood, Principal, Director of Seattle Production and Newmark Realty Capital’s Mike Taylor, Principal co-brokered $9 million for the 19th& Mercer Apartments, a new 50-unit apartment building in Seattle. The loan was originated by Wood and Taylor working in conjunction for both the lender, State Farm Insurance Company and the borrower, 19th & Mercer Partners, LLC.

19th and Mercer Apartments features ground-floor retail including a restaurant, bakery and ice-cream shop. The building also showcases contemporary architecture using cedar and steel, two hallmark resources of the region. It’s uniquely Pacific Northwest design and exceptional location in Capitol Hill, Seattle made it an idyllic investment for State Farm.


“State Farm Insurance Company was able to do a forward rate lock, which many other types of lenders don’t do,” Wood said, “”The borrower was able to secure a very attractive rate in advance of funding. The loan structure also allowed them to draw additional loan proceeds upon the property’s stabilization and lease-up.”

The creative structure of the initial funding was through a certificate of occupancy, but there was no pre-leasing requirement. The loan has a 10-year term with 30-year amortization.


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