Thursday, May 21, 2015

NBS Financial Arranges $52M for FedEx Portfolio

NBS Financial Services’ Senior Vice President Todd B. Harding and Finance Officer Mick Stapleton have arranged a combined $52,026,000 in acquisition financing for three, newly constructed FedEx Ground distribution centers. The portfolio included $8.6M for a 151,088 sf facility in Wichita Falls, Texas, $12.193M for a 254,353 sf facility in Spartanburg, South Carolina, and $31.233M for a 312,539 sf facility in Chandler, Arizona.

NBS Financial represented the borrower, TIC – RI Pullman, LLC, RI Cascade, LLC, RI Elk Grove, LLC (Rood TICs), in their need to satisfy a 1031 exchange. Funding was provided by State Farm Insurance Company through a correspondent relationship of NBS Financial’s.

“The lender was confident in the strength of the sponsorship and worked with the borrower as construction delays occurred,” said Todd B. Harding. “Rood Investments is an established team and this acquisition reflects their commitment to carefully selected, quality properties.”  

The loans were conservatively leveraged with a 10-year term and 30-year amortization.

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