NBS Financial Services receives national recognition from State Farm Insuarance Company
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Norris, Beggs & Simpson’s Financial Services Group was awarded State Farm Life Insurance Company’s 2005 Correspondent of the Year Award. The prestigious award comes during NBS Financial Services’ record-breaking year.
State Farm recognized NBS Financial Services as one of its top correspondents in the nation based on over $165.3 million in loans generated for 2005. NBS Financial Services completed 11 loans with an average loan amount of $14.5 million. Significant deals included the $40.5 million Rio Salado Apartments transaction in Phoenix, Arizona; the $31.4 million Park Tower Office Portfolio in Vancouver, Washington; the $28 million Sterling Pointe Apartments transaction in Beaverton, Oregon; and the $22.5 million Diamond Vista Apartments transaction in Las Vegas, Nevada.
NBS Financial Services helped State Farm develop a diverse portfolio of property types in multiple markets throughout the West.
2005 was a record year for NBS Financial Services. The group closed financing for $520 million and serviced a loan portfolio valued at $1.42 billion. The company was ranked by the Daily Journal of Commerce as the number 1 commercial mortgage provider for Oregon in 2005, nearly $200 million ahead of the next competitor. The group also made Commercial Property News’ Top Mortgage Banks listing, which ranks firms nationally.
The fruitful relationship between NBS Financial Services and State Farm has spanned many years. Ken Griggs, Executive Vice President with NBS Financial Services, states, “We have such a long history with State Farm. We’ve been able to create a strong and productive partnership with State Farm due to their healthy appetite for properties in the Northwest and our deep local roots and expertise. It has been a positive relationship from the very beginning.” Blake Hering Jr., Vice President with NBS, adds, “State Farm delivers a great loan program with exceptional responsiveness, customer service and reliability. It’s been a pleasure to work with them.”
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