Mesa West Provides $52M Refi for Seattle-Area Apartment Community

Timberlane Partners has secured $52 million to refinance Sumner Mill Apartments, a 162-unit multifamily community outside of Seattle and Tacoma, Wash., Commercial Observer can first report.  

Mesa West provided the debt, structured as a short-term, first-mortgage loan, while BWE’s Jake Roberts arranged the transaction. 

Joshua Westerberg, head of originations for the Western region at Mesa West Capital, noted in a statement that Sumner Mill Apartments achieved stabilization within nine months of its 2024 delivery and pointed to the lack of available Class A product in the surrounding Seattle-Tacoma market. 

“Sumner Mill [is] one of the few institutional-quality rental options at a meaningful affordability discount among the competitive set,” said Westerberg. 

Sumner Mill Apartments is at 5816 162nd Avenue East in Sumner, a town 12 miles east of Downtown Tacoma and 33 miles south of Downtown Seattle. The apartment complex spans nearly 4 acres and features a mix of studio, one-bedroom and two-bedroom apartments across nine buildings. 

On-site amenities include an outdoor swimming pool, a fitness center, a resident clubhouse, a conference room, a dog park, a picnic area, and electric vehicle-enabled parking spaces, while the surrounding region includes natural landmarks like Lake Tapps and Mount Rainier National Park. 

“The Pacific Northwest remains an attractive region for investment, particularly in suburban locations where affordability, quality-of-life considerations and limited new supply continue to support apartment demand,” said Steve Fried, principal and head of originations at Mesa West.

Brian Pascus can be reached at bpascus@commercialobserver.com.