This article originally appeared in Connectcre.
October 7, 2022
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.