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PCCP Provides $13M Financing for Sumner Multifamily Community
PCCP, LLC has provided a $13 million preferred equity investment to Timberlane Partners to finance the construction of Sumner Apartments, a 162-unit multifamily complex in Sumner, WA. Northmarq’s Jake Leibsohn arranged the investment and sourced the project’s $35.5 million senior construction loan through a regional bank.
“PCCP views this preferred equity investment as an attractive opportunity to finance the construction of a Class A, garden-style community that is well located in a high performing Puget Sound submarket,” said the firm’s Dorian Farhang. Sumner has benefitted from renters migrating out of the Seattle Metro in search of more affordability and convenient access to large employment hubs.
The unit mix at Sumner Apartments includes studio, one- and two-bedroom floor plans that feature vinyl flooring, triple pane windows and full-size washers and dryers. Community amenities at the nine-building complex include a pool, covered BBQ’s, a dog park and EV charging stations.
- ◦Financing
