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January 23, 2025

Rise receives $92M in refinancing

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Joseph Arnold Lofts

Rise Properties Trust has, over the past dozen-odd years, become a major multifamily investor in our market. The Canadian REIT has a local office, and about 6,000 units in the Pacific Northwest. Among those are the 131-unit Joseph Arnold Lofts (pictured) in Belltown and the 135-unit Jack Apartments on Capitol Hill. Mesa West Capital recently announced its $92.5 million refinancing package for the duo. CBRE's James Bach represented Rise in the deal. Working from its San Francisco office, Mesa West's Josh Westerberg led the underwriting effort on the five-year loan. He said in a statement, “Multifamily demand has been strong, which has helped offset the influx of new supply to the market. As construction starts have halted, the new and upcoming supply should be fully absorbed in the next two years, which should help accelerate rent growth in the years to come.” Mesa West typically makes loans in the $20 million to $400 million range. Over the past two decades, it has sourced around 400 such deals worth around $27 billion.




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