Deutsche Bank Lends $35M to Refi Two-State Apartment Portfolio
By Cathy Cunningham March 7, 2019 8:50 am
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NBP Capital has locked down a $35 million refinance from Deutsche Bank (DB) for a 350-unit apartment portfolio located in Portland, Ore. and Vancouver, Wash., Commercial Observer can first report.
NKF Capital Markets’ Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Josh Egert negotiated the debt on behalf of the borrower.
Portland-based NCP is a privately-held commercial real estate fund with a focus on value-add, opportunistic investing, primarily on the West Coast. It invests across multiple sectors, including multifamily, office, hospitality, industrial and self-storage.
The assets included in the refinance are Meadowland, a 168-unit, 165,480-square-foot apartment complex at 17310 SE Naegeli Drive in Portland, and Thunderbird Village, a 182-unit complex at 4601 E 18th Street in Vancouver.
“NBP owns a substantial portfolio of apartments in the Portland MSA and it has a deep understanding of the market,” Roeschlaub said in prepared remarks. “This financing repatriated equity and will allow NBP to efficiently own and operate these properties as part of its strategic, long-term portfolio.”
NKF also arranged the $75.5 million refinance of NBP’s The Douglas apartment complex in July 2018, as first reported by CO. ACORE Capital provided the five-year financing, which included both a senior and mezzanine loan.
Officials at NBP did not immediately respond to a request for comment. Deutsche Bank officials declined to comment.
