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Seattle & Northwest  + Seattle  + Apartments  | 
BMH Provides $39M Construction Loan for Lacey Multifamily Project

BMH Provides $39M Construction Loan for Lacey MultiFam Project

Buchanan Mortgage Holdings (BMH), an affiliate of Buchanan Street Partners, L.P., has provided a $39 million non-recourse construction loan to Harbor Custom Development for the development of a multifamily community in Lacey, WA. 

Upon completion, the 177-unit, garden-style complex will feature studio, one- and two-bedroom residences with Class-A finishes. The property is situated near the Seattle/Tacoma metro and has proximity to demand drivers such as Joint-Base Lewis McCord and a growing presence of big box industrial facilities.

“BMH is pleased to announce our partnership with Harbor Custom Development on this multifamily development that combines our construction lending expertise with the sponsor’s innovative approach to real estate development,” said Scott Magoffin, Buchanan’s Head of Debt Originations.

Harbor anticipates leasing the community’s first phase beginning in February of 2023 and completing construction in June 2023.

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Buchanan Mortgage HoldingsHarbor Custom Development

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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