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.

NBS Financial & Newmark Realty Capital Secure $9M for 19th & Mercer Apartments

NBS Financial Services' Mike Wood, Principal, Director of Seattle Production and Newmark Realty Capital’s Mike Taylor, Principal co-brokered $9 million for the 19th& Mercer Apartments, a new 50-unit apartment building in Seattle. The loan was originated by Wood and Taylor working in conjunction for both the lender, State Farm Insurance Company and the borrower, 19^th & Mercer Partners, LLC.

19^th and Mercer Apartments features ground-floor retail including a restaurant, bakery and ice-cream shop. The building also showcases contemporary architecture using cedar and steel, two hallmark resources of the region. It’s uniquely Pacific Northwest design and exceptional location in Capitol Hill, Seattle made it an idyllic investment for State Farm.

“State Farm Insurance Company was able to do a forward rate lock, which many other types of lenders don’t do,” Wood said, “”The borrower was able to secure a very attractive rate in advance of funding. The loan structure also allowed them to draw additional loan proceeds upon the property’s stabilization and lease-up.”

The creative structure of the initial funding was through a certificate of occupancy, but there was no pre-leasing requirement. The loan has a 10-year term with 30-year amortization.

NBS Financial Secures $10.75M for Acacia Springs

Norris,Beggs & Simpson Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $10.75 million for  Acacia Springs, a 161-unit assisted living facility in Las Vegas, Nevada.

Griggs and Ryan represented the borrower, Walter Bowen, of BDC Las Vegas, LLC. As a veteran client of Norris, Beggs & Simpson Financial, Bowen has been successfully developing, owning, operating and managing senior properties for over 30 years.

 “Acacia Springs was an underperforming asset before Bowen purchased it,” Griggs said. “With Bowen’s expertise and experience, he was able to stabilize the property and make it an attractive investment.”

Financing was placed through a union labor pension fund as a non-recourse, cash-out loan. Terms included an approximate 65% loan-to-value on a five-year term with a 25-year amortization schedule. 

NBS Financial Arranges $8.23M Re-Fi for Luxury Residential Property in Boise

 NBS Financial Services Senior Vice President Wally Harding and Senior Associate Finance Officer Mick Stapleton have arranged $8,234,000 in refinancing for The  Retreat at Union Square, a 126 unit luxury residential property in Boise, Idaho. Financing was placed through the Fannie Mac DUS program for long-time Boise developer, Union Retreat, LLC.

The refinance paid off the construction lender to provide long-term financing with a favorable interest rate. Harding and Stapleton secured the refinance of the construction loan with interest-only for the first 5 years over a 10-year term and a 30-year amortization.

The Retreat at Union Square is a new, exceptionally built Class A residential property offering spacious 1-3 bedroom homes equipped with a community center, pool and spa. The complex is conveniently located in Southwest Boise with quick accessibility to downtown, job centers and shopping.

NBS Financial Arranges $39M in Acquisition Financing for FedEx Building Redmond

NBS Financial Services’ Mike Wood, Principal, Director of Seattle Production has arranged $39 million in acquisition financing for a 210,321 sf FedEx industrial property in Redmond, Washington.

State Farm Life Insurance, located in Bloomington, Illinois, is the lender. The transaction proved to be challenging in regards to the fact that it was a single non-investment grade tenant requiring a high loan per square foot at approximately $185. This is a sharp contrast to the typical $100-150 valuation for industrial product, Wood said. In addition to these challenges, FedEx Corporation didn’t guarantee the lease as the tenant is only a subsidiary.

Despite these challenges, Wood was able to structure the loan with a 20-year term and 20-year amortization and the borrower locked in a sub 4 percent interest rate.

“The borrower requested a long-term fully amortizing loan in order to lock-in a low interest rate and avoid refinancing,” Wood said. “If the buyer sought the same deal in the current market, the rate today would be an estimated 100 basis points higher.”