NBS Financial Services’ Mike Wood, Principal and Financial Analyst Austin Johnson have arranged $8.5 million in refinancing for Kirkland
Waterfront Market, a 23,957 sf mixed-use building in Kirkland, Washington. NBS
Financial represented Homestreet Bank, a lender based in Seattle.
Located a block from scenic Lake Washington at 130 South Lake Street,
Kirkland Waterfront Market features both ground level retail and 2nd
floor office space. With the property 30% owner occupied, and the fact that the
borrower needed a full leverage loan at a very high loan per square foot, it
was a challenge to get lenders on board. There was additional risk in the fact
that the collateral was part of a condo structure.
Despite these obstacles, Wood and Johnson were able to successfully structure a 10-year fixed rate term
and 30-year amortization.
“Kirkland
Waterfront Market was not a typical investment for our lenders because of its
mixed use space and the condo structure,” Wood remarked. “But as a local lender,
Homestreet Bank understood the irreplaceable location and the strength of the
market. We were able to provide full proceeds with pre-payment flexibility at a
competitive rate.”
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| Kirkland Waterfront Market |
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