Thursday, January 2, 2014

NBS Financial Secures $10.75M for Acacia Springs

Norris,Beggs & Simpson Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $10.75 million for  Acacia Springs, a 161-unit assisted living facility in Las Vegas, Nevada.
Griggs and Ryan represented the borrower, Walter Bowen, of BDC Las Vegas, LLC. As a veteran client of Norris, Beggs & Simpson Financial, Bowen has been successfully developing, owning, operating and managing senior properties for over 30 years.
 “Acacia Springs was an underperforming asset before Bowen purchased it,” Griggs said. “With Bowen’s expertise and experience, he was able to stabilize the property and make it an attractive investment.”
Financing was placed through a union labor pension fund as a non-recourse, cash-out loan. Terms included an approximate 65% loan-to-value on a five-year term with a 25-year amortization schedule. 

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