Home Finance NBS Financial Arranges $5.5MM in Financing for Soundview Apartments

NBS Financial Arranges $5.5MM in Financing for Soundview Apartments

Seattle, Washington (June 27, 2019) – Norris, Beggs & Simpson Financial Services Principal, Michael Wood, and Associate Finance Officer, Colin Ceithaml, have secured $5,500,000 in financing for Soundview Apartments in Seattle, Washington. 

NBS Financial represented the borrower, RSA Soundview, LLC.  The non-recourse, fixed-rate financing was arranged with State Farm Life Insurance Company, a Life Company correspondent of NBS Financial. 

“The Borrower was seeking to refinance the existing debt at the lowest rate available,” explained Mike Wood.  “Ultimately, after a competitive bid process, the existing Lender, State Farm, was able to offer the most competitive terms in the marketplace. State Farm is a correspondent lender and, as such, NBS will continue to service the loan for the Lender and Borrower.” 

Soundview Apartments is an 85-unit residential property in Seattle, Washington.  One block north of the subject property is “The Junction,” a major intersection (California Ave SW & SW Alaska St) and retail hub of West Seattle.  The property consists of 108,066 square feet, including the parking garage, with 3,872 square feet of ground floor retail.  It also includes a rooftop deck and European style courtyard.   

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.