Northmarq Arranges $25M Acquisition Financing for Washington For-Rent Townhome Property
Northmarq’s Seattle Debt + Equity team, led by Robert Spiro and Ben Biggers, arranged $25.5 million in acquisition financing for Chambers Reserve, a 125-unit luxury rental townhome community at 3725 Wildspitz Lane SE in Lacey, Washington.
Northmarq arranged the permanent, fixed-rate loan through Freddie Mac on behalf of the borrower. The loan carries a seven-year term. Built in 2022 on 8.33 acres, Chambers Reserve consists of 24 three-story buildings with three- and four-bedroom townhomes.
“Freddie Mac is showing a growing appetite for purpose-built rental communities in secondary markets, and Chambers Reserve checks that box,” Spiro said. “It’s a newer asset with a product renters can’t easily find elsewhere, in a market backed by some of the most durable employers in the state.”
The community sits just off Interstate 5, minutes from the Hawks Prairie retail corridor and five miles from downtown Olympia. Saint Martin’s University, South Puget Sound Community College and The Evergreen State College are all nearby.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout