Real Estate & Development Briefs

NBS Financial completes $14.3 million loan for Grandview Place Apartments in Vancouver

NBS Financial Services has announced the arrangement of a $14.3 million construction/permanent loan for Vancouver's 154-unit Grandview Place Apartments.

Grandview Place was developed by Courtesy Construction and Development and is located off of 192nd Avenue,adjacent to a scenic wetland area. The project is now 97 percent leased at the rents originally projected two years ago.

"Achieving the budgeted rents in the current economic climate is an impressive testament to market acceptance of this high-quality project," NBS Financial Executive Vice President Blake Hering, Jr. said.

Units range from 854-square-foot apartments to a three-bedroom townhome with a two-car direct access garage.

The lender was one of NBS Financial's correspondent life insurance companies