Mesa West Capital has provided RISE Properties Trust with $92.5 million in first mortgage debt to refinance two mid-rise multifamily communities totaling 266 units in Seattle, WA. 


The five-year loan is secured by the 12-story, 131-unit Joseph Arnold Lofts and the six-story, 135-unit Jack Apartments.    Both mid-teen vintage properties are located in two of Seattle’s most desirable submarkets, Belltown and Capitol Hill. Each have been recently renovated and are well-positioned within their respective neighborhoods to take advantage of strong demand drivers and downtown’s improving post-pandemic multifamily fundamentals, according to Executive Director Josh Westerberg, who led the origination team out of the San Francisco office. 

“Multifamily demand has been strong, which has helped offset the influx of new supply to the market,” said Westerberg.   “As construction starts have halted, the new and upcoming supply should be fully absorbed in the next two years, which should help accelerate rent growth in the years to come.”   

Joseph Arnold Lofts was developed in 2013 and was acquired by RISE in 2019 with financing from Mesa West.   Benefiting from a recent renovation, which included upgrades to common areas and unit interiors, Joseph Arnold Lofts is positioned well among its mid-rise peers, while representing a slight value discount to brand new high-rise product.  Joseph Arnold is located at 62 Cedar Street one of Seattle’s “green streets” in Seattle’s Belltown neighborhood.  The property is one block from the Seattle waterfront and offers spectacular views of Elliot Bay, Olympic Mountains, the city skyline and the Space Needle. Highly walkable, the property has immediate access to amenities such as Pike Place Market, the Seattle Center and several restaurant / cafes / pubs along the 2nd Avenue retail district. 

Jack Apartments was delivered to market in 2016 and was acquired by RISE two years later.  The property is located at 1427 11th Avenue in the popular Capitol Hill neighborhood known for its live music venues and restaurants.   

Both properties offer a mix of desirable studio, one- and two-bedroom floorplans with luxury finishes.   Each offers a wide range of amenities including landscaped roof top decks, outdoor lounges and fitness centers.  Occupancy across the two-property portfolio was a combined 93%. 

“Mesa West remains extremely bullish on well-located multifamily assets with strong sponsors such as RISE,” added Mesa West Principal Steve Fried.  “We are seeing strong job growth in the Seattle metro area and an increase in demand downtown with return-to-work mandates, while at the same time construction starts are down.  As a result, we anticipate continued strong absorption rates and rental growth to climb at an accelerated pace within the next 12-18 months.” 

The financing was arranged by James Bach in CBRE’s Seattle office. 

Mesa West Capital has provided RISE Properties Trust with $92.5 million in first mortgage debt to refinance two mid-rise multifamily communities totaling 266 units in Seattle, WA. 


The five-year loan is secured by the 12-story, 131-unit Joseph Arnold Lofts and the six-story, 135-unit Jack Apartments.    Both mid-teen vintage properties are located in two of Seattle’s most desirable submarkets, Belltown and Capitol Hill. Each have been recently renovated and are well-positioned within their respective neighborhoods to take advantage of strong demand drivers and downtown’s improving post-pandemic multifamily fundamentals, according to Executive Director Josh Westerberg, who led the origination team out of the San Francisco office. 

“Multifamily demand has been strong, which has helped offset the influx of new supply to the market,” said Westerberg.   “As construction starts have halted, the new and upcoming supply should be fully absorbed in the next two years, which should help accelerate rent growth in the years to come.”   

Joseph Arnold Lofts was developed in 2013 and was acquired by RISE in 2019 with financing from Mesa West.   Benefiting from a recent renovation, which included upgrades to common areas and unit interiors, Joseph Arnold Lofts is positioned well among its mid-rise peers, while representing a slight value discount to brand new high-rise product.  Joseph Arnold is located at 62 Cedar Street one of Seattle’s “green streets” in Seattle’s Belltown neighborhood.  The property is one block from the Seattle waterfront and offers spectacular views of Elliot Bay, Olympic Mountains, the city skyline and the Space Needle. Highly walkable, the property has immediate access to amenities such as Pike Place Market, the Seattle Center and several restaurant / cafes / pubs along the 2nd Avenue retail district. 

Jack Apartments was delivered to market in 2016 and was acquired by RISE two years later.  The property is located at 1427 11th Avenue in the popular Capitol Hill neighborhood known for its live music venues and restaurants.   

Both properties offer a mix of desirable studio, one- and two-bedroom floorplans with luxury finishes.   Each offers a wide range of amenities including landscaped roof top decks, outdoor lounges and fitness centers.  Occupancy across the two-property portfolio was a combined 93%. 

“Mesa West remains extremely bullish on well-located multifamily assets with strong sponsors such as RISE,” added Mesa West Principal Steve Fried.  “We are seeing strong job growth in the Seattle metro area and an increase in demand downtown with return-to-work mandates, while at the same time construction starts are down.  As a result, we anticipate continued strong absorption rates and rental growth to climb at an accelerated pace within the next 12-18 months.” 

The financing was arranged by James Bach in CBRE’s Seattle office. 

JLL Capital Markets closed the sale of TownCenter Park in Wilsonville to RISE Properties Trust

PORTLAND, Sept. 10, 2021 – JLL Capital Markets announced today that it has closed the $30 million sale of TownCenter Park, a 111-unit, 1990-built, garden-style multi-housing community in Wilsonville, Oregon.

JLL marketed the property on behalf of the seller, Curtis Capital Group, and completed the sale to RISE Properties Trust.

TownCenter Park comprises one-, two- and three-bedroom units ranging from 802 to 1,350 square feet. The seller completed significant exterior improvements during their five-year ownership including new siding, roofs and windows, in addition to interior renovations to 40 units, which include upgraded vinyl plank flooring and carpet, stainless steel appliances, laminate countertops, white shaker cabinetry and hardware, upgraded lighting, new decks and two-inch faux wood blinds.

The property is located at 29250 Southwest Parkway Ct. in Wilsonville, a suburban neighborhood along the banks of the Willamette River. TownCenter Park is situated along Interstate 5, offering a 30-minute commute to both Salem and downtown Portland, the state’s two largest economic hubs with over 350,000 jobs combined. Additionally, the community is 1.5 miles from the WES Commuter light rail station, which runs north along Interstate 5, connecting Wilsonville with other public transit lines such as MAX light rail in Beaverton. 

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.

“The combination of a proven value-add program, lack of new multi-housing development within Wilsonville and the extensive capital improvements completed by the seller make TownCenter Park a strong addition to RISE Properties Trust’s portfolio,” Kahn said. “Our team was thrilled to represent Curtis Capital Group on this transaction, which was one of the first value-add opportunities marketed in the Portland MSA in early 2021.”