Rise Properties Trust Secures $92.5M Refinance Loan From Mesa West Capital For Seattle Multifamily Assets

The transaction involves two multifamily properties located at 62 Cedar Street and 1427 11th Avenue in Seattle, WA. The properties, comprising a total of 266 units, were refinanced for a total loan amount of $92,500,000. The purpose of the refinancing was to enhance the properties, both experiencing a high occupancy rate of 93%, in response to increasing demand in the downtown area.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $92,500,000
• Lender: Mesa West Capital
• Landlord: Rise Properties Trust
• Broker: James Bach - CBRE
• Units: 266
• Loan Type: Refinance
• Occupancy Rate: 93%
• Properties: Joseph Arnold Lofts (131 units) and Jack Apartments (135 units)

James Bach from CBRE represented Rise Properties Trust in securing the refinance loan from Mesa West Capital. The loan aims to capitalize on the burgeoning job growth and limited new construction in downtown Seattle, providing a strategic financial maneuver for the landlord.