Cigna, Rise JV Secures $52M in Funding from Mesa West for Seattle MF,Seattle News
Los Angeles-based Mesa West Capital provided $52 million in first mortgage debt to the joint venture of Rise Properties Trust and Cigna Investment Management for the acquisition and repositioning of a 131-unit multifamily building in Seattle’s Belltown neighborhood. The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building at 62 Cedar St.
Mesa West Capital’s Joshua Westerberg, who originated the financing, says, “Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the property remains competitive as a top-tier apartment project in the market for years to come.”
Built in 2013 “The Joe,” features a mix of studio, one and two-bedroom apartment homes with condo quality finishes. The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet. The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.
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