Mesa West Capital has provided an $82.5 million first mortgage loan to a joint venture between Harrison Street Asset Management and Security Properties to refinance Olin Fields, a 352-unit garden-style apartment community in the Seattle suburb of Everett, Wash.
Built on 16 acres, the 21-building property offers a mix of one-, two- and three-bedroom units featuring in-unit washers and dryers, stainless-steel appliances, digital thermostats, quartz countertops, wood-burning fireplaces and private patios in select units. Community amenities include a fitness center, indoor basketball court, indoor and outdoor pools, an outdoor lounge with fire pits and barbeques, a dog park, a playground and 24-hour package lockers.
Since acquiring the property in 2022, the sponsor has invested significantly in exterior improvements and renovations to 76 units. A portion of the loan proceeds will be used to complete the remaining interior upgrades, bringing the property to a consistent, i
