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August 12, 2010

Chateau Woods

Los Angeles-based Mesa West Capital provided an affiliate of Pacific Property Co. and JP Morgan Investment Management with $12.5 million in first mortgage financing for acquisition and lease up of Chateau Woods, a new, 114-unit multifamily property in Woodinville. Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital arranged the financing. Fairfield Residential developed the project about 18 months ago as luxury condos, with prices ranging from around $300,000 to more than $500,000. Public records indicate Pacific Property foreclosed on the project and took the property back through a trustee's sale in June. King County assesses the value of the property at just under $19 million. Mesa West Capital Director Ronnie Gul said his firm was drawn to the project's high quality and proximity to Microsoft, Nintendo and Google. Gul said his firm has confidence in the Eastside multifamily market. Chateau Woods has a fitness center, spa, courtyards and underground parking.




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