Seattle, WA

CBRE Arranges $47,000,000 Construction Financing for Multifamily Project North of Seattle

November 28, 2023

Rendering of the future Motto Apartments. View is of the courtyard.

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Casey Davison

Corporate Communications, Midwest

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CBRE has arranged $47,000,000 of construction financing for Motto Apartments, a 228-unit multifamily project being developed by Intracorp Homes in Marysville, WA, 35 miles north of Seattle.

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 in Marysville will begin. The project is slated to be completed in early 2026 and will feature in demand amenities such as air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits, and a fenced dog park.

“After years of low-cost floating rates, the rising rate environment has put construction-to-permanent loans in high demand again,” said James Bach. “Only about 100 multifamily units are under construction in all of Snohomish County right now, most of which will deliver in the next few months. This project will address the coming need for housing and be a benefit to the Marysville community. Congratulations to the sponsorship group for getting the project to this exciting next phase.”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.