NBS Financial
Services’ Principal Mike Wood and
Associate Finance Officer Austin Johnson
have secured $7.4 million in acquisition financing for the Market Square
Building, a 45,247 square foot historic property in downtown Seattle, Washington.
NBS Financial represented both the lender as well as the borrower, 1415
Western, LLC.
NBS
Financial was able to deliver a quick closing date within 35 days of
application. However, the fast turnaround was not without its share of
obstacles. The building will incur significant tenant rollover within the next
three years. In addition, the financing was at a high price per square foot
with an aggressive cap rate. The deal required a lender familiar with the local
market.
“This is a
quintessential Seattle building,” Mike Wood explained. “The lender was
confident in potential rental growth when the tenants’ leases expired.”
Market Square was built in 1908 at 1415 Western Avenue in the heart of the Waterfront district. Only two blocks from Pike Place Market, the creative office building has undergone extensive renovations in recent years.
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| Market Square |
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