Updated Jan 28, 2025
Rise Properties Trust Secures $92.5M Refinance Loan From Mesa West Capital For Seattle Multifamily Assets
62 Cedar Street In Belltown & 1427 11th Avenue
$92,500,000
Units
266
Asset Type
MultiFamily
Closing
Jan 24, 2025
About this deal
AI
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.
On the Map
$92,500,000
MultiFamily
View full map
Players
Seattle MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit James Bach to view all their deals.
Browse Seattle multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93