Seattle, Washington (December 3, 2019) – Norris, Beggs & Simpson Financial Services Vice President, Jeff Ballaine, and Associate Finance Officer, Colin Ceithaml, have secured $13,000,000 in financing for The Point Apartments in Seattle, Washington.
NBS Financial represented the Borrower, CP University St. LLC. The non-recourse, fixed-rate financing was arranged with UNUM, a Life Company correspondent of NBS Financial.
“The Borrower was seeking competitive, long-term, fixed-rate financing to take out a maturing construction loan. NBS’s correspondent Lender UNUM was able to rate lock and fund the loan before the project was fully stabilized, allowing the Borrower to take advantage of the dip in market rates that occurred back in August,” explained Jeff Ballaine. “NBS will continue to service the loan for the Lender and Borrower.”
The Point Apartments is a residential property in the First Hill neighborhood of Seattle, within walking distance of Capitol Hill and downtown. The property is in a popular shopping/dining area, with both the Broadway commercial area and Pike/Pine corridor located within just a few blocks. The brand new seven-story building consists of 36 apartments and approximately 5,000 square feet of ground floor retail space.
About NBS Financial Services
In business since 1932, Norris, Beggs & Simpson Financial Services, a division of Norris, Beggs & Simpson Companies, 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. NBS Financial operates in the western United States and nationwide with Strategic Alliance Mortgage (SAM), an affiliation of 20+ companies located in 50 markets throughout the country. NBS Companies was recently recognized for the 14th consecutive year as one of the most admired commercial real estate companies in Oregon as chosen by Oregon CEOs in the Portland Business Journal.