Home AEC Timberlane Partners Secures $49MM Construction Financing to Develop 162 Units in Sumner,...

Timberlane Partners Secures $49MM Construction Financing to Develop 162 Units in Sumner, Wash.

Northmarq, Seattle, Sumner, Timberlane Partners, Sumner Transit Station, Casey + DeChant, Rush Construction

SEATTLE, WASHINGTON (October 24, 2022) – Jake Leibsohn, senior vice president of Northmarq’s Seattle-based regional office, on behalf of Timberlane Partners, arranged $48,750,000 of construction financing for the development of 162 apartment units in Sumner, Washington. Financing was sourced through a regional bank and a national equity fund.

The project will consist of nine, 3-story, garden-style apartment buildings, that will sit on 5.7 acres located approximately 1.50 miles east of the Sumner Transit Station. Twenty percent of the 162-units at the project will be rent restricted as part of Sumner’s expanded MFTE program. There will be a full array of onsite amenities, including a clubhouse, fitness center, picnic area, pool, BBQs, car charging stations, and 250 surface parking spaces.

Timberlane Partners broke ground on the project last month for a fall of 2023 delivery. Casey + DeChant is the projects architect and Rush Construction is the general contractor.

“Timberlane is thrilled to have fully capitalized this project with attractive fixed-rate financing,” said Dave Enslow, one of the Principals of Timberlane Partners. “I grew up in the house across the street from the site, so this is a very special project for me personally. I’m glad I could be a small part of bringing more housing to this great community.”

About Timberlane Partners

Timberlane Partners is a Seattle-based real estate investment, development, and asset management company. The firm, led by Dave Enslow and John Chaffetz, has holdings throughout Washington, Utah, and California. Timberlane acquires, improves, and manages properties with a focus on superior returns and compelling projects. Timberlane has transacted on over $1B in assets and has a reputation for turning run-of-the-mill rental properties into prime assets by taking risks with aesthetics and marketing. Timberlane believes in excellence in design and affordability without compromise.

About Northmarq

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.