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.”
|Kirkland Waterfront Market|