Rabban Joins NBS Financial as VP with New Phoenix Office

Ted Rabban, Vice President 

Ted Rabban has joined Norris, Beggs & Simpson Financial Services as their newest Vice President. His appointment is concurrent with the expansion of NBS Financial in the Phoenix market.

As a Phoenix native, Ted has more than 30 years’ experience in the commercial real estate industry. At NBS Financial, Ted works closely with our highly qualified loan origination staff in attaining the borrowing and investment needs of our clients, which include major life companies, banks, conduits, REITs and pension funds.

Ted’s industry expertise is owed to extensive experience with project financial analysis, acquisitions, dispositions, asset management, leasing and operations of various real property types. He has also been responsible for land planning and entitlement for various institutional clients and individual investors. His career highlights include the initial development of the 175-acre Fountainhead Corporate Park, a one million square foot mixed-use campus. Fountainhead Corporate Park offers Class A office, a resort hotel, 300 apartment units and serves as the Tempe operations center for State Farm Insurance.

In business since 1932 and headquartered in Portland, Oregon, NBS Financial is a division of Norris, Beggs & Simpson Companies. NBS Financial provides commercial real estate capital to borrowers and investors seeking financing for property acquisitions, refinancing, equity, mezzanine or bridge capital, as well as joint venture opportunities.

Henderson of NBS Financial Closes on Three Deals Totaling $40.2M

NBS Financial Services’ Associate Vice President Jeff Henderson has arranged a combined total of $40,226,000 in a recent string of significant transactions.

In a deal representing both the bank and borrower, NBS Financial secured $21.937 million in permanent financing for the 149,798 sf Point Plaza East Office Campus in Southeast Tumwater, Washington. The borrower requested maximum leverage to take advantage of favorable interest rates, yet a vacant unit temporarily detracted from the asset’s true value. NBS Financial overcame this obstacle by providing the lender credible support lease-up will happen in the near term, and structured additional proceeds in the event it does.

In a deal representing Fannie Mae, NBS Financial provided $16.139 million in permanent financing to Terrace Heights Apartments, a 160-unit residential community in Mountlake Terrace, Washington. The borrower was able to lock a low interest non-recourse loan months before closing and before rates spiked.

NBS Financial closed on $2.15 million in 15 year fixed rate financing from a life insurance company for the Northlake Building, a 6,798 sf mixed-use property on Lake Union in Seattle. Despite the challenge of a high loan per square foot and a marina component, NBS Financial was able to match a lender familiar and comfortable with the property’s irreplaceable location. 

From left to right: Point Plaza East Office Campus, Terrace Heights Apartments, Northlake Building

Jurczak Joins NBS Financial in Portland

Joe Jurczak, Financial Analyst

Joe Jurczak joined the NBS Financial Services Team in 2015. He works closely with other members of the loan origination team to secure capital to satisfy our clients’ needs through our exclusive relationships with life companies, conduits, REITs and pension funds.

With over 8 years’ experience in commercial real estate finance, Joe most recently worked for Walker & Dunlop in Walnut Creek, CA as an underwriting analyst and specialized in structuring Fannie Mae, Freddie Mac, and FHA/HUD loans for profit and nonprofit borrowers. He has special interest in the long-term care industry and its financing needs. 

Lemley Joins NBS Financial Services as Financial Analyst

Connor Lemley, Financial Analyst

Connor Lemley has joined NBS Financial Services in Seattle as a Financial Analyst. As a member of the loan origination team, he helps satisfy the capital needs of our clients through exclusive relationships with life insurance companies, conduits and various other lenders.

As a graduate from the University of Washington with a degree in political science, Lemley gained experience working for a political tech startup in Denver and was also the Field Organizer for Seattle Mayor Ed Murray's successful 2013 campaign. Shortly thereafter, Lemley worked for McKee & Schalka Real Estate Appraisal Services. As a Commercial Real Estate Appraiser, Connor was responsible for the valuation of real property throughout the Puget Sound area. His portfolio included a spectrum of office, retail, industrial, multifamily and special purpose developments.

Lemley completed additional post grad studies at the Appraisal Institute and earned certification in Real Estate Statistics and Finance. 

NBS Financial Arranges $52M for FedEx Portfolio

NBS Financial Services’ Senior Vice President Todd B. Harding and Finance Officer Mick Stapleton have arranged a combined $52,026,000 in acquisition financing for three, newly constructed FedEx Ground distribution centers. The portfolio included $8.6M for a 151,088 sf facility in Wichita Falls, Texas, $12.193M for a 254,353 sf facility in Spartanburg, South Carolina, and $31.233M for a 312,539 sf facility in Chandler, Arizona.

NBS Financial represented the borrower, TIC – RI Pullman, LLC, RI Cascade, LLC, RI Elk Grove, LLC (Rood TICs), in their need to satisfy a 1031 exchange. Funding was provided by State Farm Insurance Company through a correspondent relationship of NBS Financial’s.

“The lender was confident in the strength of the sponsorship and worked with the borrower as construction delays occurred,” said Todd B. Harding. “Rood Investments is an established team and this acquisition reflects their commitment to carefully selected, quality properties.”  

The loans were conservatively leveraged with a 10-year term and 30-year amortization.

NBS Financial Arranges $19.4M for Apartment Portfolio

Westlakes Apartments

NBS Financial Services’ Principal and Director of Seattle Production Mike Wood and Associate Finance Officer Austin Johnson have arranged a combined $19,418,000 in financing for a multifamily portfolio totaling 291 units. NBS Financial represented both the borrower and lender. Funding was provided by Fannie Mae through NBS Financial’s correspondent relationship with Walker Dunlop. 

The portfolio consisted of two, older Class-B properties; Westlakes Apartments, a 181-unit complex in Olympia, WA, and Poplar Lanes Apartments, a 110-unit complex in Lynnwood, WA.

Poplar Lanes Apartments

Though successful, the transaction was not without its share of obstacles. With zero debt on either property, the borrower requested max leverage. Lenders are typically conservative about full cash-out loans, especially for older buildings, which may be assessed as riskier. Yet, NBS Financial was able to overcome these challenges and secure a 75% loan to value at attractive terms.

“After an exhaustive search of the market, we identified the most competitive lender and the borrower locked in a sub 4% interest rate. If the Borrower were to go out to the market today, the interest rate would be approximately 40 basis points higher,” noted Mike Wood.

Wood and Johnson structured a 12-year term and 30-year amortization.