Buchanan Mortgage Holdings, LLC provided a $39,000,000 (77% LTC; 61% LTV) construction loan to complete the development of 177-unit, garden-style multifamily community located in Lacey, Washington, a suburb of the Seattle/Tacoma MSA. At the time of loan closing, the project was approximately 30% complete and upon completion will offer a mix of studios, 1-bed and 2-bed units with Class A quality finishes and above-average unit sizes compared to the competition. The submarket has exhibited positive supply-demand fundamentals over the past decade and benefits from its proximity to the state capitol of Olympia, Joint-Base Lewis McCord military base, and a rapidly growing presence of big box industrial/warehouse facilities. The Sponsor is a publicly-traded real estate developer headquartered in Tacoma, WA with a long track record of developing home sites, townhomes and multifamily projects throughout the Puget Sound region.