RISE Properties Trust, a privately-owned Canadian REIT, has recently secured $92.5 million in first mortgage funds to refinance two multifamily properties located in Seattle. The Toronto-based company specializes in acquiring and revitalizing underperforming rental apartment communities primarily in the Pacific Northwest region.
The 131-unit Joseph Arnold Lofts and the 135-unit Jack Apartments were both successfully refinanced with financing provided by Mesa West Capital. James Bach from CBRE’s Seattle office arranged the five-year loan for these mid-2010s properties situated in Belltown and Capitol Hill neighborhoods.
According to reports from Puget Sound Business Journal, both buildings have an impressive combined occupancy rate of 93%. This successful refinancing is expected to further strengthen RISE Properties Trust’s portfolio as it continues its mission of revitalizing rental communities throughout the Pacific Northwest region.
