Timberlane Partners has secured $52 million in refinancing for Sumner Mill Apartments, a 162-unit residential community located outside Seattle and Tacoma, Washington. Mesa West Capital provided the financing as a short-term, senior loan, with Jake Roberts of BWE arranging the transaction.
Joshua Westerberg, Head of Western Region Loan Originations at Mesa West Capital, stated that Sumner Mill Apartments achieved stabilisation within nine months of its completion in 2024. He also highlighted the lack of available Class A products in the surrounding Seattle-Tacoma market. Westerberg added that Sumner Mill is one of the few institutionally-quality rental options that offers a significant affordability advantage compared to its competition.
Location and Amenities
Sumner Mill Apartments is located at 5816 162nd Avenue East in Sumner, a city 12 miles east of Downtown Tacoma and 33 miles south of Downtown Seattle. The apartment complex spans nearly 4 acres and offers a mix of studio, one, and two-bedroom flats across nine buildings.
On-site amenities include an outdoor swimming pool, a fitness centre, a residents' clubhouse, a conference room, a dog park, a picnic area, and electric vehicle charging stations. The surrounding region also offers natural attractions such as Lake Tapps and Mount Rainier National Park.
Market Attractiveness
Steve Fried, Principal and Head of Loan Originations at Mesa West, commented that the Pacific Northwest remains an attractive region for investment. This is particularly true for suburban locations, where affordability, quality of life aspects, and limited new construction supply continue to support demand for apartments.
- —Property: Sumner Mill Apartments
- —Lender: Mesa West Capital
- —Loan Amount: $52 Million
- —Broker: BWE (Jake Roberts)
