Thayer Manca Scores $27M Refi for Washington Community

The owner worked with Hunt Real Estate Capital to originate the 10-year, fixed-rate Fannie Mae loan.
Callen Apartments. Image courtesy of Thayer Manca Residential

Thayer Manca Residential has received a $26.8 million Fannie Mae refinance loan for Callen Apartments, a 189-unit property in Lacey, Wash. According to Yardi Matrix data, Thayer worked with Hunt Real Estate Capital to originate the financing. The 10-year, 2.99 percent fixed-rate loan includes full-term, interest-only debt service. 

Built in 1998, the community comprises one- and two-bedroom units. The owner acquired the property in 2018 and spent $3.7 million on capital improvements. Upgrades include a renovated clubhouse, new fitness center and various interior improvements. The property also includes a swimming pool, playground and spa. 

Located on an 11-acre site at 1404 Brittany Lane N.E., the 15 building property is just off Interstate 5. The surrounding area has several retail and dining options, including Hawks Prairie Village Mall a mile away. Callen is also 7 miles from downtown Olympia, Wash.

In October, Thayer Manca sold Atwater Clearing Apartments, a 198-unit community in Everett, Wash, for $40.2 million.