Dealmaker: Mesa West Capital Originates $27M for Seattle-Area Multifamily

(Image courtesy of Mesa West Capital)

Mesa West Capital, Los Angeles, provided a $27 million first mortgage loan to Timberlane Partners for the off-market acquisition and renovation of an apartment community in Issaquah, Wash.

Mesa West Capital funded the five-year, non-recourse loan within 23 days from application to closing, enabling Timberlane to capitalize on an attractive acquisition opportunity despite a very tight transaction timeline.

The community, Vista Ridge, was built in 1992 and includes 91 units (which remain largely in their original condition) and a variety of community amenities. A portion of the loan proceeds have been allocated to fund interior unit renovations, including the installation of quartz countertops, updated cabinetry, new appliances, and upgraded lighting and plumbing fixtures.

Issaquah is a suburb of Seattle.