Owners of Olin Fields, a 352-unit apartment complex in Everett, have locked in an $82.5 million refinancing package that will help carry the property’s latest round of upgrades across the finish line. The financing lands as the ownership team wraps up renovations that kicked off after the building changed hands in 2022.
As reported by the Puget Sound Business Journal, Mesa West Capital provided the $82.5 million refinance, and the fresh capital is slated to complete the upgrades started after the 2022 acquisition. The Business Journal noted that the financing is geared toward those renovations, although the loan’s term and interest rate have not been made public.
Property and ownership
Olin Fields sits at 10115 Holly Drive in Everett’s Paine Field submarket and contains 352 apartments, according to Yardi Matrix. The complex was bought in 2022, when Security Properties paid roughly $120 million for the asset, per CoStar.
Where the loan fits in the market
The Olin Fields refinancing lands in the middle of a broader wave of multifamily refis on the West Coast as loans from the mid-2010s come due and lenders compete for stabilized apartment properties. Industry reporting from Gantry and a West Coast market note from Cornovus Capital describe active Q1 2026 debt markets and strong lender appetite for suburban multifamily, which has helped owners tap capital for renovations and repositioning this year.
What the loan will pay for
According to the Puget Sound Business Journal, the new financing will be used to complete upgrades started after the 2022 sale. The outlet did not break out specific renovation projects, and there is no public scope or timetable for the remaining work.
While detailed plans have not been released, the refinancing adds one more data point to a year in which investors are still putting money into suburban Seattle rental housing. Neighbors and market watchers will likely be keeping an eye on permit filings and owner notices to see how the next phase of work at the Everett complex takes shape.
