CBRE’s James Bach, Connor Lemley, Regina Wang and Griffin Walker secured the construction to permanent, seven-year fixed, full-term interest-only financing on behalf of their client, Intracorp. The CBRE team requested construction loan quotes from nearly 100 banks, life insurance companies, and debt funds.
With the close of this financing, construction on 228 garden-style apartment units 35 miles north of Seattle will begin with a slated completion date in early 2026. The property will feature amenities such as air-conditioned units, an outdoor pool, a clubhouse, a fitness center, fire pits, and a dog park.
“After years of low-cost floating rates, the rising rate environment has put construction-to-permanent loans in high demand again,” said Bach. “This project will address the coming need for housing and be a benefit to the Marysville community.”