Tuesday, April 15, 2014

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.

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