Griggs Selected to Serve on MBA Board

NBS Financial Services President Ken Griggs has accepted a nomination to serve on the Mortgage Bankers Association (MBA) Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG).

COMBOG is comprised of MBA member executives from around the nation representing all aspects of the commercial/multifamily real estate finance industry. COMBOG leads the strategic development of MBA's commercial/multifamily policy, and initiatives as well as best practices and standards. It represents the diverse interests of MBA's member companies through standing councils, which are led by industry leaders and supported by expert staff, and special work groups and task forces.

Griggs has served as a finance officer with NBS Financial since 1993. He has originated over $1 billion in finance transactions for a wide variety of property types throughout the Northwest and around the country. He has been recognized as NBS Financial’s Top Producer many times, and became the company’s President in June.

Espy Joins NBS Financial as Manager of Loan Servicing

Jan Espy, a longtime property manager in Portland, has joined NBS Financial Services as Manager of Loan Administration.

In this position, Espy oversees loan closings, payment collection, escrow and financial analysis, property inspections, assumptions and acquisitions, payoffs, maturities, lease analysis, insurance requirements, investor reporting and customer service, while supervising the loan administration staff.

Espy has extensive experience in the commercial real estate industry, and has managed more than 6 million square feet of retail, office and industrial properties in the Portland metro area during her career. She has expertise in budget preparation, monthly financial reporting, construction and service contract supervision, capital and tenant improvements, tenant and owner relations, monthly and quarterly investment reporting, and working closely with institutional investors. Prior to joining NBS Financial, she was a Senior Property Manager at Portland’s Kidder Matthews office.

Espy earned a BA in sociology from Washington State University, and studied accounting and business administration at Portland State University. She is a Real Property Administrator (RPA) and licensed Oregon real estate broker.

Patterson to Receive NAIOP Developing Leaders Award

Andrew Patterson, an Associate Finance Officer with NBS Financial Services, is a 2011 recipient of the NAIOP Developing Leaders Award, which honors young commercial real estate professionals from around the country for their valued contribution and commitment to the industry.

The Developing Leaders Award, which honors up-and-coming professionals who have distinguished themselves in their profession and show great promise as future leaders of the commercial real estate industry, will be presented on Oct. 19 at Development ’11, NAIOP’s annual meeting in Scottsdale, Arizona.

Patterson has been with NBS Financial since 2007. He facilitates the underwriting process on multi-million dollar loans for office, retail, industrial and multifamily properties. Patterson serves as the Washington chapter NAIOP Developing Leaders Committee Co-Chair, and has been a member of the NAIOP Washington chapter for nearly 5 years.

Siemer Joins NBS Financial's PDX Office

Justin Siemer has joined NBS Financial Services as an Associate Finance Officer. In this position, Siemer works closely with other members of the loan origination team to secure capital to satisfy clients’ needs through exclusive relationships with life companies, conduits, REITs and pension funds.

Siemer has extensive experience in commercial mortgage underwriting. He previously spent seven years at KeyBank Real Estate Capital. Most recently, he was a Senior Commercial Mortgage Analyst in Phoenix, where he was the lead analyst for an average of 25 loan originations exceeding $288 million annually. Prior to that, he underwrote loans on all types of commercial properties for KeyBank’s life insurance company and pension fund office.

Siemer earned a BS in finance and banking and an MBA with a management emphasis from the University of Missouri. He also studied abroad at the CIMBA campus in Asolo, Italy, where his focus was leadership and innovation management.

Leadership Transition at NBS

NBS Financial Services is ushering in a new era in its leadership, including its first female CEO.

Jan Robertson is now CEO of NBS Companies (the umbrella company that includes NBS Financial and three other divisions), while J. Clayton Hering (previously President) is Chairman of the Board. Ken Griggs is now President of NBS Financial.

Robertson’s career path has been unique. She joined NBS in 1981 in an administrative position, and quickly rose into management, becoming a partner in 1993. She has served as CFO since 2005. Robertson is involved in many industry organizations, including IREM and NAIOP. She is also a strong supporter of arts in education, holding leadership positions in organizations such as Young Audiences and the Regional Arts & Culture Council.

“Jan is simply the best person to run this company,” Hering said. “As CFO she’s had to make tough decisions, which she has ably done, while always keeping the well-being of our employees and clients first and foremost.”

As Chairman of the Board, a newly created position, Hering continue to be involved in areas like strategic planning, mentoring, business development and community involvement, but his role in day-to-day operations, like administrative functions, will be reduced.

Ken Griggs, NBS Financial's new President, is an experienced mortgage banker and managing partner. He has been with NBS Financial since 1993, and has frequently been a company Top Producer. Blake Hering, Jr. is now Principal, Director of Portland Production, and Mike Wood is Principal, Director of Seattle Production.

“The partners who are stepping into new roles have an incredible breadth and depth of experience,” Hering said. “This new leadership structure will spread out responsibility among them, which is a win-win for both the company and our clients.”

Henderson Arranges $20.2M for Tacoma's Pacific Plaza

Finance Officer Jeff Henderson has originated $20.2 million in permanent financing for Pacific Plaza, a LEED-Platinum office and retail project in Tacoma, Washington. Pacific Plaza has been recognized for its excellence in sustainability, and won the 2010 NAIOP Sustainable Development Award, a national award for a building renovation.

The transaction provided its share of challenges, according to Henderson. The property is in a secondary market, and is a condominium with partial owner/user space, with a master lease on the ground floor consisting of a grocery store that has yet to take occupancy in an unproven market.

“This deal was among the most challenging CMBS single-asset transactions to date in the new lending world,” Henderson said.

Because of the breadth and depth of NBS Financial’s capital resource relationships across the country, Henderson was able to find the right lender for the deal.

“We had to show the lender why the increased market vacancy, due to the departure of Russell Investments, should not be a detriment in underwriting this deal,” Henderson said. “At the end of the day, this is an outstanding asset with stable income, and we helped the lender recognize that.”

As the capital markets continue to go after the best of asset class, lenders are starting to look in secondary markets for opportunities.

“There is actually a lot of money out there,” Henderson said, “and if we understand every aspect of the deal, how to mitigate risk, and add up all the components of value, we are better suited to help lenders get comfortable with the deal and help the borrower get the most dollars they can.”

Pacific Plaza, originally constructed as a parking garage, was redeveloped for office/retail use in a partnership between the City of Tacoma and Pacific Plaza Development, LLC. The renovation was completed in 2009, and sustainable features include a green roof, a rainwater collection system and an efficient heating and cooling system.