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Sage Homes Northwest has obtained $67.62 mil in construction financing for the development of Cypress Apartments, a 324-unit garden-style multifamily community in Lacey, WA. The financing consists of a $45.62 mil senior loan from Kennedy Wilson and a $22 mil mezzanine loan from PGIM Real Estate.

Located at 5224-5228 NE 15th Ave in Lacey, Cypress Apartments will have a mix of one-, two- and three-bedroom apartments. Planned amenities include a clubhouse with a gym, golf simulator, game room, kitchen and covered BBQ/fire pit area. Units will begin to deliver in Q2 2026; final delivery is expected in Q2 2027.