Overview
- Mesa West Capital provided an $82.5 million first‑mortgage, five‑year non‑recourse loan that was arranged by CBRE brokers Jesse Weber, Scott Williams and Kevin Coyle.
- Harrison Street Asset Management and Security Properties will use part of the proceeds to complete interior upgrades as part of a multi‑year repositioning program.
- Since buying the asset in 2022 the owners have renovated 76 units at Olin Fields, a 21‑building, three‑story, 352‑unit garden‑style community on 16 acres at 10115 Holly Drive.
- Josh Westerberg, head of Mesa West’s western region, said Everett has seen little new rental delivery since 2014, a supply gap that the owners aim to exploit with upgraded units.
- The deal’s non‑recourse structure limits sponsor liability while supplying capital to refresh older garden‑style inventory, a move that could raise rents for upgraded units and expand housing choices for local renters.