Overview
- Mesa West Capital provided an $82.5 million, five‑year first mortgage structured as non‑recourse, and CBRE brokers Jesse Weber, Scott Williams and Kevin Coyle arranged the deal.
- Harrison Street Asset Management and Security Properties, which bought Olin Fields in 2022, have used the past four years to roll out a value‑add program that has renovated 76 units so far.
- Olin Fields is a 21‑building garden‑style community on 16 acres in Everett, Wash., with one‑ to three‑bedroom units, about 800 parking spaces and amenities that include pools, a fitness center and a clubhouse.
- Part of the loan proceeds are earmarked to finish interior renovations so the owners can lease upgraded units at higher rates and improve the asset’s cash flow before the loan term ends.
- Lender comments highlight Everett’s thin pipeline and aging apartment stock, a dynamic that could support higher occupancy and rents for renovated suburban product and influence nearby investment activity.