Harrison Street JV Lands $83M Refi for Seattle Community

Harrison Street Asset Management and Security Properties have obtained $82.5 million in first mortgage refinancing for Olin Fields, a 352-unit garden-style community in Everett, Wash. Mesa West Capital provided the five-year, non-recourse loan in a deal arranged by CBRE.

Security Properties added the asset to its portfolio in 2022, when the company acquired the property for $120 million from Jackson Square Properties, according to Yardi Matrix information. Metropolitan Life Insurance Co. issued an $87.6 million loan for the transaction.

Located at 10115 Holly Drive, the 21-building, three-story Olin Fields opened in 1989 on 16 acres. Just off Evergreen Way, the community has access to Interstate 5 and is close to Everett Mall and Paine Field Airport. Downtown Seattle is some 23 miles south.

Zoom in on a Seattle community

The unit mix comprises one-, two- and three-bedroom apartments ranging from 759 to 1,245 square feet. All units have washer and dryers, fireplaces and microwaves. Some apartments also include private patios. Since changing hands in 2022, the property underwent exterior renovations and improvements to 76 units. Part of the loan proceeds will go toward completing interior upgrades.

The pet-friendly Olin Fields comprises a fitness center, a business center, a clubhouse, a basketball court, a spa, an outdoor lounge and two swimming pools, among other top multifamily amenities. Moreover, the community encompasses 800 parking spaces.

The Seattle-based Security Properties’ current portfolio spans 22,354 units nationwide, with five multifamily projects under development. The firm owns 45 other properties in Washington, including Olin Fields, totaling more than 10,000 apartments.

CBRE’s Vice Chairman Jesse Weber, Director Scott Williams and Manager Kevin Coyle oversaw the deal.