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.
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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