Wednesday, September 3, 2014

NBS Financial Arranges $7.4M in Acquisition Financing

NBS Financial Services’ Principal Mike Wood and Associate Finance Officer Austin Johnson have secured $7.4 million in acquisition financing for the Market Square Building, a 45,247 square foot historic property in downtown Seattle, Washington. NBS Financial represented both the lender as well as the borrower, 1415 Western, LLC.

NBS Financial was able to deliver a quick closing date within 35 days of application. However, the fast turnaround was not without its share of obstacles. The building will incur significant tenant rollover within the next three years. In addition, the financing was at a high price per square foot with an aggressive cap rate. The deal required a lender familiar with the local market.

“This is a quintessential Seattle building,” Mike Wood explained. “The lender was confident in potential rental growth when the tenants’ leases expired.”

Market Square was built in 1908 at 1415 Western Avenue in the heart of the Waterfront district. Only two blocks from Pike Place Market, the creative office building has undergone extensive renovations in recent years. 
Market Square

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