NBS Financial Secures $21.25M for a Series of Residential Properties in Salem

Vista Pointe Luxury Apartments

NBS Financial Services Principal and Director of Portland Production Blake Hering,Jr. and Financial Analyst Matt Illias have arranged $4.1 million in refinancing for Vista Pointe Luxury Apartments, marking the third transaction in a series of residential properties for a local borrower in Salem, OR. NBS Financial will also service the loan for the lender, life insurance company Genworth Financial.

The string of transactions started in 2013 with NBS Financial securing $14 million for Gateway Village Apartments, which was followed up in 2014 by $3.15 million for newly constructed Reed Townhomes. The latest $4.1 million refinance for Vista Pointe Luxury Apartments completed the set of deals that total $21.25 million and over 400-units of residential properties within a one-mile radius.

“The projects all vary in size and amenities for a range of renters and price points. The borrower was able to take advantage of extremely attractive interest rates with all three refinances,” Hering said. “This last loan closed in just 37 days, which was quite remarkable in today’s often ‘process-heavy’ environment.”

Terms spanned from modest to full leverage for the three projects, but all the loans consisted of low fixed rates with 30-year amortization schedules. 

NBS Financial Arranges $8.48M in Financing for Baxter Auto Parts

Baxter Auto Parts

NBS Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $8.48 million in permanent financing for a portfolio of seven retail properties totaling 87,819 sf owned by Baxter Auto Parts.

Rooted in the Northwest since 1936, family owned business Baxter Auto Parts sought local support in funding their portfolio. Financing was placed through a Portland-based credit union and a cash-out loan. It was a simple and low-cost process, and as a repeat borrower from NBS Financial, Baxter Auto Parts had resolute confidence in their ability. Terms included an approximate 70% loan-to-value on a five-year term with a 25-year amortization schedule.

“This deal truly represented the strong capabilities of our local partners,” Griggs said. “The loan provided flexibility to Baxter Auto Parts with working capital and it increased their business banking capacity because their real estate was no longer leveraged by their bank.”

With 35 stores spanning the Pacific Northwest and Northern California, Baxter Auto Parts is a prevalent name in the auto parts industry. 

University District Building Secures $9M Refi

NBS Financial Services President Ken Griggs and Finance Officer Paddy Ryan have secured $9 million in refinancing for the 79,513 sf University District Building in Seattle, WA. Though the loan originated in Portland, Griggs and Ryan also collaborated with NBS Financial Services’ Mike Wood, Principal and Director of Seattle Production.  NBS Financial represented the lender, Riversource Investments.

University District Building in Seattle

Located in the heart of the ‘U District’ and significantly occupied by the University of Washington, the five-story building shares in the charm of its eclectic neighborhood full of shopping, restaurants and historic architecture. Its strong community presence made its option to refinance all the more attractive to Riversource Investments.

“This building garners a lot of confidence because of its prime location and affiliation,” Griggs said. “It was a straightforward cash-out refinance which allowed the University District Building owners to reinvest in other opportunities.”

NBS Financial was able to structure the loan with a ten year term and 25-year amortization and the borrower locked in a sub 5 percent interest rate.

NBS Financial Completes $5.6 Refi

NBS Financial Services’ Mike Wood, Principal, Director of Seattle Production and Financial Analyst Austin Johnson have arranged $5.6 million in nonrecourse refinancing for Nelson Johnson 201, a 87,600 sf Class-A warehouse distribution center. CMFG Life Insurance Company, located in Madison, Wisconsin was the lender.

Nelson Johnson 201

Nelson Johnson Development, an experienced local developer, constructed this project in 2008 and had 75% of the project leased upon its completion. Placing permanent debt after construction proved to be challenging due to the weak leasing market during the Great Recession and existing remaining vacancy. However, reaching stabilization in August 2013, NBS Financial was able to go to market and CMFG Life Insurance Company sought the attractive mortgage opportunity with a competitive quote.

 “In order to refinance, Nelson Johnson 201 needed a lender who understood the strength of the Eastside Industrial market and that its former leasing challenges stemmed from weathering the recession,” Wood said. “CMFG Life Insurance Company was the perfect fit.”

With the building 100% occupied and a sufficient remaining term on the tenants’ leases, Wood and Johnson were able to structure a 10-year fixed rate term and 25-year amortization.