Mesa West Capital Originates $82.5 Million Loan to Refi Seattle Apartment Community
The Californer/10350378

LOS ANGELES - Californer -- 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.

Built on 16 acres, the 21 building property offers a mix of one , two , and three bedroom units featuring in unit washers and dryers, stainless steel appliances, digital thermostats, quartz countertops, wood burning fireplaces and private patios in select units. Community amenities include a fitness center, indoor basketball court, indoor and outdoor pools, an outdoor lounge with fire pits and barbeques, a dog park, a playground and 24 hour package lockers.

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, bringing the property to a consistent, institutional quality finish level.

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Olin Fields is located just off Interstate 5 in Everett's Holly submarket, approximately 25 miles north of Downtown Seattle. The property benefits from proximity to a diverse employment base anchored by advanced manufacturing, aerospace, healthcare and logistics. Boeing's Everett Manufacturing Facility—the largest manufacturing building in the world by volume and home to 30,000 employees—is a 10 minute drive away. The surrounding area offers residents a wide range of retail and lifestyle amenities, including Everett Mall, Alderwood Mall, Waterfront Place at the Port of Everett and abundant outdoor recreation. According to CoStar, year-to-date rent growth in the Holly submarket is 4.9%, significantly outpacing the Greater Seattle market, which has not experienced any rent growth this year.

"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.  "As one of the leading real estate investment firms in the Pacific Northwest, Security Properties has a strong eye for where demand is heading, and once the interior renovation is complete, this property will be well positioned to capture it."

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The five-year, non-recourse financing was arranged by Jesse Weber, Scott Williams, and Kevin Coyle out of CBRE's San Francisco office.

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.