Dealmaker: Norris, Beggs & Simpson Arranges $11M for Apartments, Mixed-Use

Norris, Beggs & Simpson Financial Services, Seattle, secured $10.5 million for Seattle multifamily and mixed-use assets.

NBS Financial Services Principal Michael Wood and Associate Finance Officer Colin Ceithaml secured a $5.5 million refinance for Soundview Apartments, an 85-unit property in west Seattle. They represented borrower RSA Soundview, LLC. State Farm Life Insurance Co. provided the non-recourse fixed-rate financing.

“The borrower was seeking to refinance the existing debt at the lowest rate available,” Wood said. “Ultimately, after a competitive bid process, the existing lender, State Farm, was able to offer the most competitive terms in the marketplace.” He noted NBS will continue to service the loan.

Located one block north of “The Junction” at the intersection of California Ave SW and SW Alaska Street, the 108,000-square-foot Soundview Apartments includes 3,900 square feet of ground-floor retail and a rooftop deck.

Wood and Ceithaml also secured $5 million in financing for Wallingford Center at 1815 N 45th Street. Ameriprise Financial subsidiary RiverSource Life Insurance Co. provided the financing to borrower Wallingford Center LLP.

Wood said Wallingford Center LLP sought a long-term fixed-rate loan with prepayment flexibility. “The client also wanted to pull out some equity on the refinance to cover some future tenant improvement and leasing costs,” he said. “The other challenge was that the property was on an unsubordinated ground lease.”

NBS sourced a long-term, non-recourse, fixed-rate loan with a 30-year amortization schedule and open prepay after three years at a sub-4.5 percent rate.

Wallingford Center is a 24-unit, 28,500-square-foot property originally constructed as a school for the Wallingford neighborhood. The building was renovated into a mixed-use property with retail space on the first two floors and rental apartments above.