Vancouver, WA (December 12, 2008) – NBS Financial Services has helped the
developer of the Mission Hills Apartments acquire $18 million in fixed rate debt for Phase Two of the development of Clark County’s largest apartment community.
Executive Vice President Blake Hering, Jr. and Vice President Todd B. Harding
arranged the attractive, long-term fixed rate loan of $18 million from State Farm Life Insurance Company. Construction was just completed on the 288 units of Phase Two. NBS Financial also arranged financing for Phase 1. In 2006, Hering, Jr. and Harding secured a loan of $20 million from another life insurance company for the first 268 units.
The developer, Ed Pietz, took several years to assemble the parcels and complete development of this “Class A” community, which sits on over 32 acres and has a total of 556 units. Market acceptance has been a resounding success as over 60 units were rented in the month of October.
“Having financed [Mr. Pietz’s] 300,000+ square foot Park Tower Office Portfolio, State Farm appreciates the loyalty and relationship with a high caliber developer who takes pride in the quality of his projects," Hering, Jr. says. Adds Harding, “The design and attention to detail from Mr. Pietz in the construction and detail of this project are first rate. Clark County and the future tenants are the beneficiaries of this project.”
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