Portland firm secures $40.5M in acquisition financing for high-end Phoenix apartment community
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A group of Portland investors, doing business as Tenants-in-Common, recently acquired a luxurious, 404-unit residential community in Tempe, AZ called the Rio Salado Apartments. Blake Hering, Jr., Vice President at Norris, Beggs & Simpson Financial Services (NBS Financial Services) arranged the acquisition financing with State Farm Bank, FSB.
State Farm Bank, FSB and State Farm Life Insurance Company seek well positioned, high quality commercial real estate debt opportunities throughout the United States. The lender accesses top quality office, retail, industrial and multi-family projects via correspondent relationships in various cities across the country. Norris Beggs & Simpson Financial Services represents State Farm exclusively in the Portland metropolitan area. Because of a strong track record with this borrower and this correspondent, State Farm agreed to pursue the Rio Salado loan in Tempe.
Over the past three years alone, NBS Financial Services has placed over $315 Million in debt on behalf of State Farm Life Insurance Company and/or State Farm Bank on top tier commercial real estate. Other notable projects financed by State Farm include the 630-unit Sterling Pointe Apartments in Beaverton, the 260,000 square foot Park Tower Office Portfolio in Vancouver, Washington, the Riverstone Marketplace, a 96,000 square foot QFC anchored shopping center also in Vancouver and the 420,000 square foot I-84 Industrial Center in Gresham, Oregon.
The investor group which acquired the Rio Salado Apartments is headed by Terrence P. Bean, a prominent Portland real estate investor, and founder of Bean Investment Real Estate (BIRE). BIRE seeks apartment acquisition opportunities in several west coast markets. Like State Farm, the investors seek markets with sound real estate fundamentals and good job growth opportunities.
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