Mesa West Capital has originated an $82.5 million first mortgage loan to refinance Olin Fields, a 352-unit garden-style apartment community in Everett, a suburb of Seattle. The non-recourse financing is being provided to a joint venture between Harrison Street Asset Management and Security Properties, which owns the property.
The five-year loan will recapitalize the community and support the sponsors’ ongoing upgrade program. A portion of the proceeds is earmarked to finish interior renovations that are underway across the property, building on the capital that has already been deployed since the joint venture acquired Olin Fields in 2022.
CBRE arranged the financing, with Jesse Weber, Scott Williams, and Kevin Coyle leading the assignment from the firm’s San Francisco office. Mesa West Capital’s West Region Head, Josh Westerberg, led the origination team, working alongside JJ McMahon, also based in San Francisco.
Olin Fields spans 16 acres and is composed of 21 residential buildings. The property offers a mix of one-, two-, and three-bedroom apartments. Unit features include in-home washers and dryers, stainless steel appliances, digital thermostats, quartz countertops, and fireplaces, positioning the community with contemporary finishes relative to much of the existing stock in the surrounding area.
Since acquiring Olin Fields in 2022, the sponsors have executed a value-enhancement strategy focused on both exterior and interior improvements. To date, 76 units have been renovated, and the new financing will help fund completion of the remaining interior upgrade program.
The community is located in Everett’s Holly submarket. According to Westerberg, the Holly area has seen no meaningful new multifamily deliveries since 2014, and more than half of its existing inventory consists of product built before 1995. Against that backdrop, Olin Fields’ amenity and finish levels, combined with the latest round of capital investment, are intended to further differentiate the asset within a submarket characterized by limited recent supply.
The refinancing underscores continuing lender interest in stabilized and improving multifamily assets in supply-constrained suburban markets near major West Coast metros, particularly where sponsors have already demonstrated a commitment to capital investment and property repositioning.
