Mesa West Capital has provided the joint venture of Rise Properties Trust and  Cigna Investment Management with $52 million in first mortgage debt for the acquisition and repositioning of a 131-Unit community in Seattle, WA 

The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building located at 62 Cedar Street in Seattle’s Belltown neighborhood, one block from the redeveloping Seattle waterfront.  The property is within walking distance to Pike Place Market, the Seattle Center and the popular 2nd Avenue retail district. 

Built in 2013 “The Joe,” features a mix of studio, one- and two-bedroom apartment homes with condo quality finishes.  The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet.   The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.

While in excellent condition, the sponsor will undertake a moderate renovation program as units roll.  The bulk of the improvements will be focused on the common areas which  will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the resident lounge/game room,  improvements to the lobby and common areas, and adding new landscaping to improve the overall resident experience.

“Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the Property remains competitive as a top-tier apartment project in the market for years to come,” said Mesa West Capital Director Joshua Westerberg who originated the financing and runs the firm’s San Francisco office.  “By self-managing the property and leveraging their local expertise in the market, we believe the sponsor will be able to achieve significant operational savings and optimize occupancy,” said Westerberg. 

Rise, a private, open-ended Canadian REIT, focuses on multifamily investment in the Pacific Northwest.  Through Thrive, its property management arm, Rise manages nearly 3,000 multifamily units in the Seattle area. 

HOUSTON – JLL announced today that it has closed the sale and arranged financing of Alexan Enclave, a 354-unit, Class A multi-housing community located in West Houston’s Energy Corridor.

JLL marketed the property exclusively on behalf of the seller, Trammell Crow Residential and Cigna Investment Management. F&B Capital purchased the offering free and clear of existing financing. Additionally, JLL worked on behalf of the new owner to place the acquisition loan on their behalf.

Alexan Enclave is located at 13411 Briar Forest Drive across from Parkway Village, a 134,000-square-foot, Kroger-anchored community retail center. Completed in 2014, the mid-rise, wrap-style property is zoned to top-rated schools and is walking/biking distance to The Enclave, an 878-acre office park. Alexan Enclave consists of two four-story buildings and a six-story parking garage. Units average 909 square feet and feature open-concept floor plans and high-end finishes, including high ceilings, stainless steel appliances, granite countertops, hardwood cabinetry with under cabinet lighting, a blend of tile and plank flooring throughout, wood blinds, soaking tubs, walk-in closets, full-sized washers and dryers, and private patios or balconies. Community amenities include a resort-style pool with fountain feature, separate lap pool, shallow-water seating, covered outdoor kitchen, fire pit, enclosed dog park, pet wash station, large modern clubhouse, demonstration kitchen, business center, executive conference room and electric car charging station.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Todd Marix and Chris Curry and Analyst Bailey Crowell.

“Alexan Enclave offers excellent long-term growth potential for new ownership,” Curry said. “The buyer was able to obtain a best-in-class, non-commodity asset below replacement cost in a strengthening Energy Corridor submarket, which currently has no new multi-housing units under construction. Fundamentals have been boosted by new leases and corporate expansions underway in the local office market.”

JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Cameron Cureton and Senior Managing Director Matt Kafka.