Mesa West Capital Originates $27 Million Loan for Seattle Apartment Acquisition
The Californer/10357407

LOS ANGELES - Californer -- Mesa West Capital has provided a $27 million first mortgage loan to Timberlane Partners for the off-market acquisition and renovation of a 91-unit apartment community in the Seattle suburb of Issaquah.

The five-year, non-recourse loan is secured by Vista Ridge, an eight-building, garden-style multifamily community located at 201 Mountain Park Blvd. SW. Built in 1992, the property spans seven acres and consists exclusively of large two- and three-bedroom units with an average size of 1,106 square feet. The units remain largely in their original condition, providing the sponsor with a significant value-add opportunity through renovations and upgrades.

Community amenities include a fitness center, covered parking, swimming pool, sauna, clubhouse, resident lounge, dog park and additional storage. Each unit features a washer and dryer, fireplace, dishwasher and expansive closet space and a portion of the loan proceeds have been allocated to fund interior unit renovations, including the installation of quartz countertops, updated cabinetry, new appliances, and upgraded lighting and plumbing fixtures.

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"We believe Vista Ridge presents a compelling value-add opportunity, with the vast majority of the property remaining in its original condition," said Josh Westerberg, Head of Mesa West Capital's West Region, who led the origination team from the firm's San Francisco office alongside JJ McMahon. "Timberlane has a proven track record of successfully repositioning multifamily assets in the Seattle market and relied on our certainty of execution and ability to close quickly."

Vista Ridge benefits from numerous demand drivers, particularly its proximity to Interstate 90, a major east-west transportation corridor that connects Issaquah to key employment centers throughout the Seattle metropolitan area, including Bellevue, Redmond and downtown Seattle. Residents also benefit from convenient access to a wide range of retail, dining, and entertainment options. Front Street in Old Town Issaquah, located just a short walk from the property, features an array of restaurants, boutiques and local retailers.

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About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago, San Francisco, and Houston, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add and transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 450 transactions totaling over $28 billion.