Mesa West Capital has provided $27 million in acquisition financing for the purchase of a multi-family complex in the suburbs of Seattle. The five-year, non-recourse first mortgage loan was granted to Timberlane Partners for the off-market acquisition and renovation of Vista Ridge. Vista Ridge is a garden-style apartment complex built in 1992 in Issaquah, Washington.
Timberlane Partners acquired the 91-unit property for $37 million. The transaction was completed within 23 days, according to private lender Mesa West Capital. Joshua Westerberg, Head of Mesa West Capital's Western Region, led the loan origination from the San Francisco office, supported by JJ McMahon.
Value-add potential through renovation
Westerberg expressed confidence in the acquisition's potential: "We believe Vista Ridge offers an attractive value-add opportunity, as the majority of the property is still in its original condition." He also highlighted the acquirer's expertise: "Timberlane has a proven track record of repositioning multi-family assets in the Seattle market and relied on our execution certainty and ability to close quickly."
The Vista Ridge complex is located at 201 Mountain Park Boulevard SW, approximately 17 miles east of downtown Seattle. It comprises a total of eight buildings with two and three-bedroom units. Residents benefit from various amenities.
Extensive amenities for residents
- —A fitness centre
- —Covered parking
- —A swimming pool
- —A sauna
- —A clubhouse
- —A dog park
Timberlane Partners is known for its strategic repositioning of properties in the greater Seattle area, which significantly influenced Mesa West Capital's decision for this financing. The swift processing underscores the efficiency of both partners in a competitive market environment.
