Portland, Oregon (October 22, 2018) – Norris, Beggs & Simpson Financial Services, President, Ken J. Griggs, CRE, Senior Vice President, Paddy Ryan, and Associate Finance Officer, Bryant G. Bushnell have arranged $2 million in financing for Newton Creek Center. Fixed-rate, non-recourse funding was secured for this Roseburg, Oregon retail center.
“We were excited to pair a new client of NBS with a long-time correspondent lender who was willing to expand its footprint into a smaller market,” said Griggs. “The client was concerned with the rising interest rates and was pleased with their ability to lock rate at application at loan terms originally presented. The certainty of deliverability will continue to be extremely valuable to borrowers given the current lending environment,” continued Griggs.
Funding was provided by a correspondent Life Company of NBS. The fixed-rate perm loan financing was structured with a 15-year term and 25-year amortization, with rate reset options every 5 years.
Newton Creek Center is a freestanding 13,717 sf two-building retail center, developed in 2004, is located near I-5 in Douglas County. Newton Creek Center is shadow-anchored by Albertsons and is part of a broader trade area in Roseburg. The property was 100% occupied at the time of funding and includes access to 69 parking spaces. Other tenants include Batteries Plus Bulbs and Edward Jones.