Murray, Michael
NBS Financial Services, Portland, Ore., arranged $18.9 million in acquisition financing for a seven-building portfolio at Amberglen Business Center in Beaverton, Ore.

Mike Wood, executive vice president in NBS' Seattle office arranged the transaction through Symetra Life Insurance Co, Seattle. Rob Meister, vice president at Grandbridge Real Estate Capital, Milwaukee, represented the buyer.

Wood said arranging loans for multi-asset portfolios is “especially challenging” and a short closing timeline also presented a challenge. From signed application to funding was less than 40 days with a “very motivated” lender and borrower. Other unique aspects that included a 70 percent loan-to-purchase price, and some flexibility with regard to prepayment penalty and release provisions.

“The lender was also able to see the inherent value in the portfolio, which got them comfortable with lending at that 70 percent loan-to-purchase price, whereas most loans these days are at a 65 percent LTV [loan-to-value] or below,” Wood said.

Amberglen portfolio's seven buildings measure more than 350,000 square feet.