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$14M loan secured for Vancouver apartments
Nick Bjork//October 26, 2010//
Courtesy Construction and Development has secured a $14.3 million construction/permanent loan for the Grandview Place Apartments, a 154-unit complex in east Vancouver, Wash.
Blake Hering Jr., executive vice president of NBS Financial Services, and Jim Campbell, associate finance officer, secured the loan from one of NBS Financial’s correspondent life insurance companies.
Construction/permanent loans allow a developer pay construction costs as well as initial operating costs. While NBS Financial Services has secured these types of loans for other types of real estate, this is the first one the company has secured for an apartment property, Hering said.
The apartment complex – with units ranging from 854-square-foot one-bedroom, one-bath apartments to three-bedroom, two and a half-bath townhouses – is 97 percent leased. The complex is located at 19420 S.E. 20th St., in Vancouver.
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