LOS ANGELES—In separate financings, Mesa West Capital has provided multifamily investor Pacific Urban Residential with $43.7 million in first mortgage debt for the acquisition of apartment communities in Seattle and Los Angeles.
The loans are separately collateralized by Totem Lake Apartments, a 200-unit community in the Seattle suburb of Kirkland, and Waterstone at Cheviot Hills, a 120-unit apartment complex in West Los Angeles. Both loans carried a three-year term and each represented 75 percent of total acquisition and repositioning costs.
With $22.4 million in debt financing from Mesa West, Pacific Urban acquired Totem Lake from Security Properties of Seattle. Built in 1977, the property sits on more than 18 acres adjacent to Kirkland's largest employer, Evergreen Hospital. A portion of the loan proceeds will be used to complete a multi-million dollar renovation initiated by the seller, which includes upgrades to the interior finishes and the addition of washers and dryers in each unit. The property is 96 percent occupied.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
