Northmarq arranges $48,750,000 in total capitalization for the development of 162 apartment units in Sumner, Washington

Apartment Development
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SEATTLE, WASHINGTON (October 19, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle-based regional office, on behalf of Timberlane Partners, arranged $48,750,000 of construction financing for the development of 162 apartment units in Sumner, Washington. Financing was sourced through a regional bank and a national equity fund.

The project will consist of nine, 3-story, garden-style apartment buildings, that will sit on 5.7 acres located approximately 1.50 miles east of the Sumner Transit Station. Twenty percent of the 162-units at the project will be rent restricted as part of Sumner’s expanded MFTE program. There will be a full array of onsite amenities, including a clubhouse, fitness center, picnic area, pool, BBQs, car charging stations, and 250 surface parking spaces. 

Timberlane Partners broke ground on the project last month for a fall of 2023 delivery. Casey + DeChant is the projects architect and Rush Construction is the general contractor. 

“Timberlane is thrilled to have fully capitalized this project with attractive fixed-rate financing,” said Dave Enslow, one of the Principals of Timberlane Partners. “I grew up in the house across the street from the site, so this is a very special project for me personally. I’m glad I could be a small part of bringing more housing to this great community.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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