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Seattle & Northwest  + Seattle  + Apartments  |  January 27, 2025
Jasmine Kilman
By: Jasmine Kilman

RISE Secures $93M Refi for Seattle Apartment Buildings

RISE Properties Trust, a private Canadian private REIT, has obtained a total of $92.5 million in first mortgage funds to refinance two multifamily properties in Seattle.

The Toronto-based REIT, which acquires and revitalizes underperforming rental apartment communities primarily in the Pacific Northwest, refinanced the 131-unit Joseph Arnold Lofts and the 135-unit Jack Apartments.

Mesa West Capital provided the financing, which was arranged by James Bach in CBRE’s Seattle office. The five-year loan is secured by the 12-story, 131-unit Joseph Arnold Lofts and the six-story, 135-unit Jack Apartments. The mid-2010s properties are in Belltown and Capitol Hill. The combined occupancy rate of both buildings is 93%, reported the Puget Sound Business Journal.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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