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| Vista Pointe Luxury Apartments |
NBS Financial Services Principal and Director of Portland Production Blake Hering,Jr. and Financial Analyst Matt Illias have arranged $4.1 million in refinancing
for Vista Pointe Luxury Apartments, marking the third transaction in a series of residential properties
for a local borrower in Salem, OR. NBS Financial will also service the loan for
the lender, life insurance company Genworth Financial.
The string of transactions started in 2013 with NBS Financial securing
$14 million for Gateway Village Apartments, which was followed up in 2014 by
$3.15 million for newly constructed Reed Townhomes. The latest $4.1 million
refinance for Vista Pointe Luxury Apartments completed the set of deals that
total $21.25 million and over 400-units of residential properties within a one-mile
radius.
“The projects all vary in size and amenities for a range of renters
and price points. The borrower was able to take advantage of extremely
attractive interest rates with all three refinances,” Hering said. “This last
loan closed in just 37 days, which was quite remarkable in today’s often
‘process-heavy’ environment.”
Terms spanned
from modest to full leverage for the three projects, but all the loans consisted
of low fixed rates with 30-year amortization schedules.
