Tuesday, July 14, 2015

Henderson of NBS Financial Closes on Three Deals Totaling $40.2M

NBS Financial Services’ Associate Vice President Jeff Henderson has arranged a combined total of $40,226,000 in a recent string of significant transactions.

In a deal representing both the bank and borrower, NBS Financial secured $21.937 million in permanent financing for the 149,798 sf Point Plaza East Office Campus in Southeast Tumwater, Washington. The borrower requested maximum leverage to take advantage of favorable interest rates, yet a vacant unit temporarily detracted from the asset’s true value. NBS Financial overcame this obstacle by providing the lender credible support lease-up will happen in the near term, and structured additional proceeds in the event it does.

In a deal representing Fannie Mae, NBS Financial provided $16.139 million in permanent financing to Terrace Heights Apartments, a 160-unit residential community in Mountlake Terrace, Washington. The borrower was able to lock a low interest non-recourse loan months before closing and before rates spiked.

NBS Financial closed on $2.15 million in 15 year fixed rate financing from a life insurance company for the Northlake Building, a 6,798 sf mixed-use property on Lake Union in Seattle. Despite the challenge of a high loan per square foot and a marina component, NBS Financial was able to match a lender familiar and comfortable with the property’s irreplaceable location. 

From left to right: Point Plaza East Office Campus, Terrace Heights Apartments, Northlake Building

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