Sage Homes Northwest Lands $67.62 Mil for Construction of 324-Unit Washington Res Development

Sage Homes Northwest has obtained $67.62 mil in construction financing for the development of Cypress Apartments, a 324-unit garden-style multifamily community in Lacey, WA. The financing consists of a $45.62 mil senior loan from Kennedy Wilson and a $22 mil mezzanine loan from PGIM Real Estate.

Located at 5224-5228 NE 15th Ave in Lacey, Cypress Apartments will have a mix of one-, two- and three-bedroom apartments. Planned amenities include a clubhouse with a gym, golf simulator, game room, kitchen and covered BBQ/fire pit area. Units will begin to deliver in Q2 2026; final delivery is expected in Q2 2027.CBRE’s Connor Lemley, James Bach and Regina Wang arranged the new loans for Cypress Apartments.

Q4 2024 multifamily rents in Puget Sound increased 1.7% year-over-year, according to CBRE Research. Investment sales also increased at the end of 2024 as interest rates stabilized. There were more than $1.76 bill in investment sales in Q4 2024, a 273% increase year-over-year.

This article is based on information sourced from the original publication, available here.