Mesa West Capital Originates $52M Refinance for Seattle-Area Apartments
Mesa West Capital has provided Timberlane Partners with a $52 million short-term, first-mortgage loan to refinance Sumner Mill Apartments, a 162-unit multifamily community in Sumner, Washington.
Delivered in 2024 by the sponsor, Sumner Mill Apartments is a 3.89-acre garden-style community located at 5816 162nd Avenue East with a mix of studio, one-bedroom and two-bedroom apartment homes in nine free-standing residential buildings. The financing was arranged by Jake Roberts of BWE in the firm’s Los Angeles office.
Located approximately 35 miles south of Seattle and 12 miles east of Tacoma, the city of Sumner benefits from its position as an affordable, family-oriented residential community within commuting distance of both Seattle and Tacoma’s employment centers.
“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.”
Residents also benefit from proximity to neighborhood retail and service amenities, Sumner’s historic downtown district, the Sounder commuter rail line, and a variety of outdoor recreation destinations including Lake Tapps, the Sumner Link Trail and Mount Rainier National Park. The property is further supported by highly rated schools within the Sumner-Bonney Lake School District.
“The Pacific Northwest remains an attractive region for investment, particularly in suburban locations where affordability, quality-of-life considerations and limited new supply continue to support apartment demand,” added Steve Fried, Principal and Head of Originations at Mesa West.
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