Northmarq’s Seattle Debt + Equity team has arranged acquisition financing for Chambers Reserve, a luxury rental townhome community in Lacey, Washington. The team, led by Robert Spiro and Ben Biggers, secured a $25.5 million permanent, fixed-rate loan on behalf of the borrower. The financing was structured through Freddie Mac and carries a seven-year term.
Chambers Reserve is located at 3725 Wildspitz Lane SE in Lacey and comprises 125 rental townhome units. Completed in 2022, the community is situated on 8.33 acres and is organized into 24 three-story buildings. The property offers a mix of three- and four-bedroom townhomes, positioning it as a purpose-built rental townhome community within the local market.
According to Spiro, Freddie Mac is showing a growing appetite for purpose-built rental communities in secondary markets, and Chambers Reserve fits that profile. He noted that the community is a relatively new asset and provides a rental product that is not easily replicated in the surrounding area. Spiro also highlighted that the market is supported by some of the most durable employers in the state, underscoring the stability of the local demand drivers.
The property benefits from a location just off Interstate 5, providing regional connectivity. Chambers Reserve is minutes from the Hawks Prairie retail corridor, giving residents access to nearby retail and service amenities. The community is also approximately five miles from downtown Olympia, placing it within a short drive of the state’s capital city.
Higher education institutions located near the property include Saint Martin’s University, South Puget Sound Community College and The Evergreen State College. These institutions contribute to the area’s employment base and population, supporting demand for rental housing in the surrounding communities.
This financing underscores ongoing lender interest in relatively new, build-to-rent style townhome communities in secondary markets where employment and access to amenities are viewed as stable. For Northmarq, the Chambers Reserve assignment illustrates continued engagement with agency lenders on behalf of borrowers seeking long-term, fixed-rate acquisition financing for multifamily assets.
