R
ise Properties Trust, a Toronto-based real estate investment trust led by Barrett Sigmund, has secured $92.5 million in loans to refinance two apartment buildings in Seattle's Belltown and Capitol Hill neighborhoods. The five-year loans from Mesa West Capital will allow the company to take advantage of strong demand drivers and improving multifamily fundamentals in Downtown Seattle.

    The 131-unit Joseph Arnold Lofts at 62 Cedar Street and the 135-unit Jack Apartments at 1427 11th Avenue have a combined occupancy rate of 93%. Both buildings were recently revamped and offer views of Elliott Bay, the Space Needle, and Downtown. Rents range from $2,500 to $9,768 per month.

    Mesa West predicts strong job growth in greater Seattle will lead to increased residential demand Downtown, resulting in continued strong absorption rates and rental growth over the next 12-18 months. As construction starts have halted, new supply should be fully absorbed within two years, accelerating rent growth in the future.

    Rise Properties Trust owns 6,180 apartments across Seattle and Portland, focusing on buying underperforming assets in the Pacific Northwest and revitalizing them. The company recently acquired a 74-unit apartment complex in Bellevue for $30 million.