University District Building Secures $9M Refi

NBS Financial Services President Ken Griggs and Finance Officer Paddy Ryan have secured $9 million in refinancing for the 79,513 sf University District Building in Seattle, WA. Though the loan originated in Portland, Griggs and Ryan also collaborated with NBS Financial Services’ Mike Wood, Principal and Director of Seattle Production.  NBS Financial represented the lender, Riversource Investments.

University District Building in Seattle

Located in the heart of the ‘U District’ and significantly occupied by the University of Washington, the five-story building shares in the charm of its eclectic neighborhood full of shopping, restaurants and historic architecture. Its strong community presence made its option to refinance all the more attractive to Riversource Investments.

“This building garners a lot of confidence because of its prime location and affiliation,” Griggs said. “It was a straightforward cash-out refinance which allowed the University District Building owners to reinvest in other opportunities.”

NBS Financial was able to structure the loan with a ten year term and 25-year amortization and the borrower locked in a sub 5 percent interest rate.

NBS Financial Completes $5.6 Refi

NBS Financial Services’ Mike Wood, Principal, Director of Seattle Production and Financial Analyst Austin Johnson have arranged $5.6 million in nonrecourse refinancing for Nelson Johnson 201, a 87,600 sf Class-A warehouse distribution center. CMFG Life Insurance Company, located in Madison, Wisconsin was the lender.

Nelson Johnson 201

Nelson Johnson Development, an experienced local developer, constructed this project in 2008 and had 75% of the project leased upon its completion. Placing permanent debt after construction proved to be challenging due to the weak leasing market during the Great Recession and existing remaining vacancy. However, reaching stabilization in August 2013, NBS Financial was able to go to market and CMFG Life Insurance Company sought the attractive mortgage opportunity with a competitive quote.

 “In order to refinance, Nelson Johnson 201 needed a lender who understood the strength of the Eastside Industrial market and that its former leasing challenges stemmed from weathering the recession,” Wood said. “CMFG Life Insurance Company was the perfect fit.”

With the building 100% occupied and a sufficient remaining term on the tenants’ leases, Wood and Johnson were able to structure a 10-year fixed rate term and 25-year amortization.

NBS Financial Promotes in Portland

Mick Stapleton

NBS Financial Services awarded advanced titles at the company’s annual Awards Banquet February 1. In Portland, Mick Stapleton was named Finance Officer. Mick Stapleton began his career with NBS Financial Services in 2006, and works closely with our highly qualified loan origination staff in attaining the borrowing and investment needs of our clients, which include major life companies, conduits, REITs and pension funds.

NBS Financial Promotes in Seattle

NBS Financial Services awarded advanced titles at the company’s annual Awards Banquet February 1. Jeff Henderson was named Associate Vice President and Zack Goodwin was named Associate Finance Officer.

Jeff Henderson joined NBS Financial Services in 2009. He brings a strong commercial real estate background to NBS Financial’s growing Seattle office, where he originates loans on all types of commercial properties around the Pacific Northwest.

Zack Goodwin joined NBS Financial Services in 2013. He helps satisfy the capital needs of our clients through exclusive relationships with life insurance companies, conduits and various other lenders.

Zack Goodwin

Jeff Henderson

NAI NBS Announces Top Producers of 2013

From Left to Right: Jennifer Medak, Sean Turley, Robert Black, Ken Griggs, Becky Yarger, John Medak, Denis O'Neill

Norris, Beggs & Simpson Companies announced its top producers of 2013 at the commercial real estate firm’s annual awards banquet February 1.
Rounding out Norris, Beggs & Simpson’s Top 5 Producers, multifamily investment sales broker Robert Black was named #1 in the brokerage division for the second consecutive year. Office brokers and siblings Jennifer Medak and John Medak tied for #2. Downtown office broker Sean Turley came in 4th, followed by industrial broker Denis O’Neill.
Becky Yarger, who manages an impressive portfolio of several downtown office buildings, was NAI NBS’ Property Manager of the Year, and Ken Griggs was NBS Financial Services’ Finance Officer of the Year. Ken Griggs was also the top producer in the entire company.
The event also highlighted production across the company in 2013. NAI Norris, Beggs & Simpson’s brokers completed 762 deals worth over $276.7 million, sold 920,000 sf and 344 acres, and leased 3 million sf. Its property managers managed 10.5 million sf, 147 acres and 850 residential units all valued at $1.5 billion. NBS Financial Services originated 60 loans worth over $447 million, and the loan servicing department serviced approximately 400 loans valued at $1.8 billion.

NBS Financial Arranges $43.57M in Financing for Cedar Hills Crossing

NBS Financial Services’ Todd Harding, Senior Vice President and Mick Stapleton, Senior Associate Finance Officer have arranged $43.57 million in permanent financing for Cedar Hills Crossing, a 464,234 sf retail property sprawling 37.07 acres in Beaverton. Harding and Stapleton represented both the lender, Nationwide Insurance, as well as the borrower.

Center Developments OR, LLC is a local borrower based in Vancouver, Washington and originally built Cedar Hills Crossing in the 1960s. The mega retail center underwent remodeling in 2005 and boasts several major retailers including Ross Dress for Less, Best Buy, Powell’s Books, New Seasons and Winco.

“Cedar Hills is unique in that it offers two different grocers, Winco and New Seasons,” Harding said. “But that’s a testament to it being a fantastic mall in a great location.”

Ideally located just 2 miles from Nike in the heart of Beaverton, Cedar Hills Crossing is the go-to shopping destination of the area. Center Developments OR, LLC was able to lock interest rates early with Nationwide for the loan’s 10-year term.