Dealmaker: Mesa West Capital Originates $52M for Seattle-Tacoma Area Community

(Image courtesy of Mesa West Capital)

Mesa West Capital, Los Angeles, provided a $52 million short-term, first-mortgage loan to refinance a multifamily community in Sumner, Wash.

The funds were provided to Timberlane Partners and the financing was arranged by Jake Roberts of BWE, Cleveland, in the firm’s Los Angeles office.

The property, Sumner Mills Apartments, has 162 units with amenities including an outdoor swimming pool.

“Sumner Mill Apartments achieved stabilization within nine months of delivery and has continued to demonstrate strong leasing momentum,” said Joshua Westerberg, head of originations for the Western Region who led the Mesa West Capital origination team. “We believe that the property benefits from the limited availability of comparable Class A product within the immediate submarket and surrounding communities, positioning Sumner Mill as one of the few institutional-quality rental options at a meaningful affordability discount among the competitive set.”