Sumner Apartment Building Secures $19.5M In Permanent Financing
The Main Apartments in Sumner secured $19.5M in permanent financing by locking in a rate at 75% physical occupancy and 60% economic occupancy. NorthMarq arranged the financing with Fannie Mae’s near-stabilization execution. The loan has a 10-year term with a 30-year amortization schedule.
The 108-unit multifamily property, which broke ground in 2018, features one- and two-bedroom floor plans with property amenities that include a fully equipped fitness room; a community lounge including kitchen, TVs and café seating; an outdoor kitchen counter; and a fire pit. The property has a view of Mount Rainier and on-site parking.
The project, developed by Tarragon, includes 1,600 SF of retail space. Tarragon also developed the nearby Washington Courts.
Also in Sumner, Bridge Development Partners LLC is constructing a 65K SF industrial facility with 30-foot clear ceiling heights and an ESFR fire sprinkler system. Its flexible space tenant options range from 20K to 65K SF.