Thursday, January 23, 2014

NBS Financial Arranges $43.57M in Financing for Cedar Hills Crossing

NBS Financial ServicesTodd Harding, Senior Vice President and Mick Stapleton, Senior Associate Finance Officer have arranged $43.57 million in permanent financing for Cedar Hills Crossing, a 464,234 sf retail property sprawling 37.07 acres in Beaverton. Harding and Stapleton represented both the lender, Nationwide Insurance, as well as the borrower.

Center Developments OR, LLC is a local borrower based in Vancouver, Washington and originally built Cedar Hills Crossing in the 1960s. The mega retail center underwent remodeling in 2005 and boasts several major retailers including Ross Dress for Less, Best Buy, Powell’s Books, New Seasons and Winco.

“Cedar Hills is unique in that it offers two different grocers, Winco and New Seasons,” Harding said. “But that’s a testament to it being a fantastic mall in a great location.”

Ideally located just 2 miles from Nike in the heart of Beaverton, Cedar Hills Crossing is the go-to shopping destination of the area. Center Developments OR, LLC was able to lock interest rates early with Nationwide for the loan’s 10-year term.

Thursday, January 2, 2014

NBS Financial & Newmark Realty Capital Secure $9M for 19th & Mercer Apartments

NBS Financial ServicesMike Wood, Principal, Director of Seattle Production and Newmark Realty Capital’s Mike Taylor, Principal co-brokered $9 million for the 19th& Mercer Apartments, a new 50-unit apartment building in Seattle. The loan was originated by Wood and Taylor working in conjunction for both the lender, State Farm Insurance Company and the borrower, 19th & Mercer Partners, LLC.

19th and Mercer Apartments features ground-floor retail including a restaurant, bakery and ice-cream shop. The building also showcases contemporary architecture using cedar and steel, two hallmark resources of the region. It’s uniquely Pacific Northwest design and exceptional location in Capitol Hill, Seattle made it an idyllic investment for State Farm.

“State Farm Insurance Company was able to do a forward rate lock, which many other types of lenders don’t do,” Wood said, “”The borrower was able to secure a very attractive rate in advance of funding. The loan structure also allowed them to draw additional loan proceeds upon the property’s stabilization and lease-up.”

The creative structure of the initial funding was through a certificate of occupancy, but there was no pre-leasing requirement. The loan has a 10-year term with 30-year amortization.

NBS Financial Secures $10.75M for Acacia Springs

Norris,Beggs & Simpson Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $10.75 million for  Acacia Springs, a 161-unit assisted living facility in Las Vegas, Nevada.
Griggs and Ryan represented the borrower, Walter Bowen, of BDC Las Vegas, LLC. As a veteran client of Norris, Beggs & Simpson Financial, Bowen has been successfully developing, owning, operating and managing senior properties for over 30 years.
 “Acacia Springs was an underperforming asset before Bowen purchased it,” Griggs said. “With Bowen’s expertise and experience, he was able to stabilize the property and make it an attractive investment.”
Financing was placed through a union labor pension fund as a non-recourse, cash-out loan. Terms included an approximate 65% loan-to-value on a five-year term with a 25-year amortization schedule.