$6.2M In Financing For 31 Townhomes In Lacy, WA
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.
Thatcher Milholland, Washington
Douglas Swafford, Oregon & SW Washington
Mike Incrocci, Western Region
Bryan Graf, Western Region
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