SEATTLE-NBS Financial Services finance officer Jeff Henderson has originated $20.2 million in permanent financing for Pacific Plaza, a LEED-Platinum office and retail project in Tacoma, WA. The transaction provided its share of challenges, according to Henderson.
The property is in a secondary market, and is a condominium with partial owner/user space, with a master lease on the ground floor consisting of a grocery store that has yet to take occupancy in an unproven market. “This deal was among the most challenging CMBS single-asset transactions to date in the new lending world,” Henderson says.
Because of the breadth and depth of NBS Financial’s capital resource relationships across the country, Henderson was able to find the right lender for the deal, according to a prepared statement. “We had to show the lender why the increased market vacancy, due to the departure of Russell Investments, should not be a detriment in underwriting this deal,” Henderson says. “At the end of the day, this is an outstanding asset with stable income, and we helped the lender recognize that.” As the capital markets continue to go after the best of asset class, lenders are starting to look in secondary markets for opportunities, according to the statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
