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December 12, 2019

Mesa West has $52M loan for The Joe sale

The 131-unit Joseph Arnold Lofts, at 62 Cedar St. in Belltown, traded last month for $74.5 million. Now Mesa West Capital of Los Angeles has announced its provision of $52 million in funding to the buyers, Rise Properties Trust and Cigna Investment Management.

Mesa West's Joshua Westerberg said in a statement regarding the five-year, non-recourse financing, “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.”

The Joe was developed in 2014, originally as a condominium project, by Schuster Group.




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