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3/13/25
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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 bil in investment sales in Q4 2024, a 273% increase year-over-year.
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