Mesa West Capital Provides $83M for Seattle Apartment Community
Mesa West Capital has provided an $82.5 million first mortgage loan to a joint venture between Harrison Street Asset Management and Security Properties to refinance Olin Fields, a 352-unit garden-style apartment community in the Seattle suburb of Everett, Washington.
The five-year, non-recourse financing was arranged by Jesse Weber, Scott Williams, and Kevin Coyle out of CBRE’s San Francisco office. Built on 16 acres, the 21-building property offers a mix of one-, two-, and three-bedroom units featuring washers and dryers, stainless steel appliances, digital thermostats, quartz countertops, and fireplaces.
Since acquiring the property in 2022, the sponsor has invested significantly in exterior improvements and renovations to 76 units. A portion of the loan proceeds will be used to complete the remaining interior upgrades.
“The Holly submarket has had no meaningful deliveries since 2014, with more than half of the existing inventory consisting of pre 1995 product,” said Josh Westerberg, Head of Mesa West Capital’s West Region, who led the origination team out of San Francisco along with JJ McMahon.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout