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.”