Seattle, WA- Thayer Manca Residential (TMR) has secured a $26,800,000, Fannie Mae refinance loan for its Callen Apartments, in Lacey, Washington. The 10-year, 2.99% fixed-rate loan includes full-term, interest-only debt service.
“The maximally low mortgage payments afforded by this outstanding loan are a perfect fit for this property and our partnership’s goal of creating a very durable, long-term stream of income for our investors” says Bruce Thayer, TMR Principal.
The 189-unit Callen Apartments, was acquired by a TMR sponsored partnership in February of 2018 and has since undergone the majority of a comprehensive, $3,700,000 value-add renovation designed to reposition the property as an upscale rental address within the community. Upgrades include a renovated clubhouse, modern 24-hour fitness center, various amenity additions and market-leading, apartment interiorrenovations.
About Thayer Manca Residential LLC
Based in Seattle, Washington, Thayer Manca Residential LLC (TMR) is a sponsor of partnership, multifamily investments specializing in value-add opportunities. TMR is driven by a commitment to protect and grow investor capital while delivering safe, clean and inspired homes to the market at highly competitive rental rates. Disciplined business practices, conservative investment parameters and a hands-on asset management style, have produced outstanding returns for investors.
During the company’s 39 years of operation, TMR has closed more than a billion dollars of partnership, multifamily transactions, generating outstanding cash flow and capital gain profits for investors. The company is proud of its 39-year track record without a single capital loss.