Mesa West Provides $83M Refi for 352-Unit Seattle-Area Multifamily Complex

Harrison Street Asset Management and Security Properties have secured $82.5 million to refinance Olin Fields, a 21-building, 352‑unit apartment community outside of Seattle, Commercial Observer can first report. 

Mesa West Capital provided the financing, structured as a five-year nonrecourse loan, while CBRE’s Jesse Weber, Scott Williams and Kevin Coyle arranged the transaction. 

Harrison Street and Security Properties purchased Olin Fields in 2022 and have embarked on a capital improvement plan that has led to the renovation of 76 units in the last four years. 

Located at 10115 Holly Drive in Everett, Wash., — a city about 25 miles north of Downtown Seattle — Olin Fields sits on 16 acres and opened in 1989. The residential community includes one- to three-bedroom apartments in nearly two dozen buildings and features on-site amenities such as a fitness center, an indoor basketball court, both indoor and outdoor pools, a dog park and a playground. 

Josh Westerberg, head of Mesa West Capital’s western region, noted in a statement that the Everett submarket is woefully undersupplied with residential assets, as more than half of the existing inventory was built before 1995, and that the market “has had no meaningful deliveries since 2014.”

“Security Properties has a strong eye for where demand is heading, and once the interior renovation is complete, this property will be well positioned to capture it,” said Westerberg. 

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