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.
If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.
The post Mesa West Capital Originates $52M Refinance for Seattle-Area Apartments appeared first on Connect CRE.
