NBS Financial Arranges $41.7M for First Spec Office Building in PDX Post-Recession

NBS Financial Services President Ken Griggs and Finance Officer Paddy Ryan have secured $41.74 million in permanent construction financing for Pearl West, Portland’s first speculative office building post-recession. NBS Financial represented the lender, Washington Capital Advisors, a pension fund advisor for labor unions. Walter C. Bowen of BPM Real Estate Group is the developer, and BDC/NW Irving, LLC is the borrower.

Washington Capital Advisors’ involvement was imperative for the nine-story, 154,011 sf office building in becoming a reality.

Pearl West

“Funding was provided through various union labor pension funds represented by Washington Capital Advisors,” Ken Griggs remarked. “Washington Capital Advisors recognized Pearl West as a secure investment that will protect and grow union pensions. Another positive for this project is the creation of local union jobs for the city.”

With fundamentals of a tightened office market underscoring a strong need for immediate new development, the proposal for Pearl West was announced in January 2014. Though Pearl West is the first new office project to break ground post-recession, competition is certain. Over the past 12 months, Portland’s healthy economy has attracted many industries, especially creative businesses which are projected to bulk up the majority of the local job market over the next decade. Accommodating this surge in growth was limited by little to no new construction in the Central Business District (CBD). Thus traditional office buildings have been forced to incentivize their space to remain competitive and deter tenants’ flight to the suburbs. Central city office vacancy has only tightened with NAI Norris, Beggs & Simpson reporting a robust 8.15% for the Pearl District during Second Quarter.

The Class A office building, featuring ground floor retail and cutting-edge amenities, is slated to complete by early 2016. The half-block building corners Irving Street, which is reserved for pedestrian-only traffic and serves as an arterial vein into the heart of the Pearl District and Downtown Portland. Pearl West has already secured two lead tenants and its lease appeal is gaining momentum well before its ground breaking ceremony on July 18.

Fourth & Pike Building Receives $29.5M

NBS Financial Services Associate Vice President Jeff Henderson and Associate Finance Officer Zack Goodwin have secured $29.5 million in permanent financing for the Fourth & Pike Building, a 132,326 gross sf office building located in the heart of Seattle’s central business district. NBS Financial represented both the lender, Redwood Commercial Mortgage Corporation, as well as the borrower, Mayfield Management Company.

    Jeff Henderson     Zack Goodwin    

The Fourth & Pike building was purchased in 2008, and after undergoing major renovations, is now 95% occupied. 

“Mayfield Management Company’s high quality repositioning efforts and prime location garnered considerable interest,” Henderson said, “and Redwood Commercial Mortgage Corporation proved to be the best fit for the borrower’s goal."

Fourth & Pike Building

NBS Financial Promotes in PDX and Seattle

NBS Financial Services is pleased to announce the promotions of Matt Illias and Austin Johnson with their advanced titles as Associate Finance Officers.

With a strong background in banking, Matt joined NBS Financial Services in 2013. During his tenure, Matt’s exceptional skills in research and analytics have been integral to the team’s achievements.

Austin was a welcome addition to NBS Financial Services in 2013 as well, with extensive experience in commercial real estate. Austin’s successful contributions have been a reflection of his remarkable attention to detail and resolve to excellence.