Mesa West Lends $27M on Seattle-Area Apartments Acquisition – Commercial Observer
Timberlane Partners has secured $27 million of acquisition financing for the purchase of a multifamily complex in suburban Seattle, Commercial Observer has learned.
Mesa West Capital supplied the five-year, nonrecourse, first-mortgage loan for Timberlane’s off-market acquisition and renovation of the Vista Ridge, a garden-style apartment community built in 1992 in Issaquah, Wash.
Timberlane acquired the 91-unit property for $37 million earlier this month.
“We believe Vista Ridge presents a compelling value-add opportunity with the vast majority of the property remaining in its original condition,” Josh Westerberg, head of Mesa West Capital’s west region, said in a statement. “Timberlane has a proven track record of successfully repositioning multifamily assets in the Seattle market and relied on our certainty of execution and ability to close quickly.”
Westerberg led the loan’s origination out of Mesa West’s San Francisco office alongside JJ McMahon. The transaction closed in 23 days, according to the private lender.
Located at 201 Mountain Park Boulevard SW 17 miles east of Downtown Seattle, Vista Ride consists of eight buildings with two- and three-bedroom units. Community amenities include a fitness center, covered parking, a swimming pool, a sauna, a clubhouse and a dog park.
Timberlane Partners did not immediately return a request for comment.
Andrew Coen can be be reached at acoen@commercialobserver.com.
