Mesa West Provides $202M Acquisition Loan for West Coast Multifamily Portfolio
Interstate Equities and PGIM are the sponsors and plan to invest into capital improvement programs
By Brian Pascus January 22, 2026 12:12 pm
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A joint venture between Interstate Equities Corporation and PGIM has secured $201.5 million in acquisition debt to finance the purchase of four multifamily properties in the Seattle and San Francisco metropolitan areas that together hold nearly 600 units, Commercial Observer can first report.
Mesa West Capital provided the acquisition debt, while Eastdil Secured arranged the transaction.
The four multifamily complexes are in Downtown Seattle and in the San Francisco Bay cities of Mountain View, Redwood City and Sunnyvale, Calif.
The oddly named mResidences Redwood City is at 2580 El Camino Real in Redwood City and has 141 units; Catalyst Mountain View is at 881 East El Camino Real in Mountain View and features 149 units; the Maddox Sunnyville is at 874 E. El Camino Real in Sunnyvale has 184 units; and Camulus South Lake Union is at 717 Dexter Avenue North in Seattle and has 100 units.
Interstate Equities and PGIM plan to invest in capital improvement programs across the portfolio to improve rent metrics, according to a release.
Josh Westerberg, Mesa West Capital’s western region head, noted in a statement that each of the four multifamily assets are in “prime infill neighborhoods,” and that the markets of Seattle and San Francisco each continue to benefit from strong employment numbers and economic growth.
“This growth continues to generate robust multifamily demand from tech industry professionals and workers in related professional services,” he added.
Between 2021 and 2024, the tech work force grew by 10 percent in the San Francisco Bay Area and by 5.1 percent in Seattle, according to data from CBRE.
Interstate Equities and PGIM did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialoberver.com.
