Mesa West Lends $82.5M to Refinance Olin Fields Apartments Near Seattle

Mesa West Capital has provided $82.5 million in refinancing for Olin Fields, a 352-unit apartment community in Everett, Wash., about 25 miles north of Downtown Seattle. According to Commercial Observer, the financing was secured by Harrison Street Asset Management and Security Properties.

The loan was structured as a five-year nonrecourse financing. CBRE’s Jesse Weber, Scott Williams and Kevin Coyle arranged the transaction.

Olin Fields is located at 10115 Holly Drive in Everett and spans 16 acres. The property opened in 1989 and consists of 21 buildings with one- to three-bedroom apartments. Amenities at the community include a fitness center, an indoor basketball court, indoor and outdoor pools, a dog park and a playground.

Key Details

Harrison Street and Security Properties, the property’s owners, purchased Olin Fields in 2022. The source did not identify the seller. Since acquiring the asset, the ownership group has pursued a capital improvement plan that has resulted in the renovation of 76 units over the last four years.

Mesa West Capital was the lender on the refinance, with Josh Westerberg, head of the firm’s western region, commenting on the market backdrop in Everett. In a statement cited by the source, Westerberg said the submarket is undersupplied with residential assets, noting that more than half of existing inventory was built before 1995 and that the market “has had no meaningful deliveries since 2014.”

He also said: “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.”

The financing centers on a property that combines scale with an established suburban Seattle-area location. Nearly two dozen buildings spread across the site house the apartment units, giving the owners a sizable multifamily holding in Everett.

Why It Matters

For CRE professionals, the deal is another example of lenders backing multifamily owners that are executing property upgrades while refinancing existing assets. It also highlights continued attention on suburban apartment communities with large unit counts, amenity packages and room for further renovation.

The transaction further underscores how refinancing activity can align with longer-term business plans. Here, the owners have already completed a portion of their renovation program, and the new loan provides fresh financing against a property positioned in a supply-constrained submarket, according to the lender’s view.