Mesa West Supplies $12.5M through its Fund for Acquisition and Lease Up of New Multifamily Property
- Aug 12, 2010
Woodinville, Wash.–Mesa West Capital has provided an affiliate of Pacific Property Co. and JP Morgan Investment Management with $12.5 million in first mortgage financing for the acquisition and lease up of Chateau Woods, a recently built 114-unit multifamily complex located in Woodinville, Wash.
Mesa West Capital provided the financing through its $614.5 million Mesa West Real Estate Income Fund II LP, which closed in June 2010.
The financing, which was arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital, also included capital necessary to lease up the vacant property, which was originally built in 2009 as for-sale luxury condominiums, according to Mesa West Capital Director Ronnie Gul.
Unit interior amenities include washer/dryers, granite counters, stainless steel appliances, fireplaces, hardwood entry ways, and top end cabinetry. Additional amenities at the Property include a fitness center, leasing office, and outside deck with hot tub, barbeque grills and fire places. The Property is located approximately 15 miles northeast of downtown Seattle, 12 miles north of downtown Bellevue and within close proximity to Bothell, Redmond and Kirkland which are home to Microsoft, Nintendo and Google.
“Although the property was largely vacant at closing, we were drawn to the property’s superior quality, excellent sponsorship and low per-unit basis,” says Gul. “We see the multifamily market in Seattle’s East Side improving over the next several years and highly amenitized properties like Chateau Woods will benefit.”
Currently Mesa West has originated more than $160 million in financings through Fund II. Mesa West’s first fund originated $1.5 billion in 83 financings.