NBS Financial Completes $5.6M Refi in 32 Days

NBS Financial Services’ Mike Wood, Principal, Director of Seattle Production and Associate Finance Officer Austin Johnson have arranged $5.6 million in refinancing for Opus Seaway Commerce Center, a 99,222 sf manufacturing building. NBS Financial represented the lender, Jefferies LoanCore, LLC. Rainer Properties, LLC was the borrower.

Opus Seaway Commerce Center 

Built in 1996 by the national developer Opus, the Opus Seaway Commerce Center is a multi-tenant industrial building located at 2300 Merrill Creek Parkway in Everett, Washington. Rainer Properties purchased the property in 2011 and it has since become fully leased with its most recent tenant, Giddens Industries, scheduled to move in January 2015. Yet, the seemingly straightforward refinance was not without a challenge.

“We closed within 32 days,” explained Mike Wood. “This was due to the fact the borrower had an existing loan that was maturing October 31, 2014.”

With the building 100% occupied and a sufficient remaining term on the tenants’ leases, Wood and Johnson were able to structure a 5-year fixed rate term and 30-year amortization.