Real Estate
Home›Real Estate›Residential›Mesa West backs $52M refinance for Seattle-area apartm…
Mesa West backs $52M refinance for Seattle-area apartment community
The 162-unit Sumner Mill Apartments reached stabilization within nine months of its 2024 delivery, according to Mesa West.
Timberlane Partners has secured $52 million to refinance Sumner Mill Apartments, a 162-unit multifamily property outside of Seattle and Tacoma, Washington, Commercial Observer reported.
Mesa West provided the debt as a short-term, first-mortgage loan, and BWE’s Jake Roberts arranged the transaction.
Mesa West said the community stabilized within nine months of its 2024 delivery and highlighted a lack of available Class A product in the surrounding Seattle-Tacoma market.
The complex at 5816 162nd Avenue East in Sumner spans nearly four acres and includes a mix of studio, one-bedroom, and two-bedroom units across nine buildings, with amenities such as an outdoor swimming pool, fitness center, resident clubhouse, and electric vehicle-enabled parking spaces, Commercial Observer added.