SEATTLE — Mesa West Capital Partners has provided $52 million in first mortgage debt to a joint venture between Rise Properties Trust and Cigna Investment Management. The funds will be used for the purchase and repositioning of Joseph Arnold Lofts, an apartment community in Seattle.
Built in 2013, “The Joe” features 131 units in a mix of studio, one- and two-bedroom with floor-to-ceiling windows. Community amenities include a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.
The sponsor has a moderate renovation program planned for the property that will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the lounge/game room, improvements to the lobby and new landscaping.
Joshua Westerberg of Mesa West Capital originated the financing for the sponsor.