Murray, Michael
NBS Financial Services, Westlake Village, Calif., arranged nearly $5 million financing for office-flex and multifamily properties in Oregon and Washington.

Todd Harding, vice president at NBS Financial, arranged $1.2 million in fixed-rate financing for Meridian Business Park Building D, a 19,450 square-foot flex building in Lake Oswego, Ore.

StanCorp Mortgage Investors, Portland, Ore., funded the loan for the borrower, a Portland-based family.

Harding said Building D’s single tenant had 18 months left on its lease when he started working on the refinance, and the owner was not sure if the tenant would renew the lease. Building D’s strengths, however, outweighed this factor, he said. Building D, built in 2003, and the tenant put "considerable work into improving the building’s production area."

The seven-building, 200,000-plus square-foot Meridian Business Park is completely occupied, which emphasized borrower quality for the sponsor. The borrower manages the property.

"Much of the activity in commercial real estate finance today is in the multifamily market, but flex is a popular product type locally," Harding said. "The majority of companies in the Portland area have fewer than 25 employees, so flex has always worked well here."

Mike Wood, executive vice president at NBS Financial, secured $3.75 million in refinancing for the Park at Auburn Apartments, an 83-unit apartment complex in Auburn, Wash., built in 1981.

Fannie Mae provided funds through NBS Financial’s correspondent relationship with Walker & Dunlop, Bethesda, Md.

"This refinance allowed the borrower to pay off two existing loans on the property that had above market interest rates, lock in a 10-year term at an interest rate below 6 percent and pull out significant excess proceeds, which will allow the borrower to purchase other multifamily properties," Wood said.