Updated Oct 29, 2024
Mesa West Capital Provides $52M Loan For Multifamily Property In Belltown
62 Cedar Street, Belltown, Seattle, WA, USA
$52,000,000
$36,619/SF
Building Size
1,420 SF
Asset Type
MultiFamily
Closing
Dec 8, 2019
About this deal
AI
The multifamily property at 62 Cedar Street in Belltown has recently been involved in a closed transaction. The loan for this property was provided by Mesa West Capital, with Joshua Westerberg, Jeff Friedman, and Mark Zytko representing the lender. The loan amount for this five-year, non-recourse loan was $52,000,000. The property consists of 131 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $52,000,000
- Address: 62 Cedar Street
- Market: Belltown
The landlord involved in this transaction is Rise Properties Trust and Cigna Investment Management. The individuals from Mesa West Capital, namely Joshua Westerberg, Jeff Friedman, and Mark Zytko, played a key role in representing the lender in this deal.
Players
Seattle MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93