$6.2M In Financing For 31 Townhomes In Lacy, WA

Project Description

This loan amends previous financing to build an additional 31 units at the proposed Woodbrook Townhomes, increasing the loan-to-value (LTV) to 61.9 percent. The homes will offer renters the opportunity to live in a newly constructed townhome development with best-in-market finishes in a three-bedroom unit with 1,450 square feet.

This townhome concept plays into the “build-to-rent” asset class which is considered one of the highest performing sectors on a national basis. The lower rents for significantly more space, combined with a high quality of life and access to all the Pacific Northwest has to offer, make Olympia/Lacey an attractive choice to renters.  Furthermore, the impact of “deurbanization,” which has been accelerated by the pandemic, plays well into this project which contains ample space for a family who wants to get out of an urban setting.

Loan Details

Broadmark logo

Lacey, WA

Broadmark logo

December 2020

Broadmark logo

$6,222,000

Contact Information

Thatcher Milholland, Washington

Douglas Swafford, Oregon & SW Washington

Mike Incrocci, Western Region

Bryan Graf, Western Region

Discover Similar Case Studies

Your real estate goals–accomplished. Broadmark has designed financial solutions for savvy real estate developers, operators, and owners. Read about our successes and contact us today to learn how we can help you reach your goals.

CONNECT WITH THE RIGHT MARKET EXPERT

Request Terms

Smart. Reliable. Rapid.

Your trusted partner in real estate finance.