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Seattle-based Thayer Manca Residential recently secured a $26.8M Fannie Mae refinance loan for its Callen Apartments in Lacey.
The company said the 10-year, 2.99% fixed-rate loan includes full-term, interest-only debt service. The firm took advantage of the low interest rates, TMR principal Bruce Thayer said.
It acquired the apartments in February 2018 and has since invested $3.7M in renovations, including updating the clubhouse, modernizing the 24-hour fitness center, adding amenities and improving apartment interiors.
Several other property owners have recently taken advantage of the lower rates by securing financing. Gantry, a San Francisco-based mortgage banking firm, recently secured permanent financing for the Ainsworth & Dunn Building and 10 Clay Apartments, as well as the Nesbit Apartments in Seattle.
In April, NorthMarq Capital secured a $22.5M refinance loan for Sawyer Trail Townhomes in Fredrickson. The fixed-rate loan is secured with a 10-year term on a 30-year amortization.
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