Mesa West Capital provided a joint venture between Interstate Equities Corporation and PGIM, the global investment management business of Prudential Financial, Inc., with a $201.5 million loan package for the acquisition of four multifamily properties totaling 574 units in Seattle and the San Francisco Bay area markets of Mountain View, Redwood City and Sunnyvale.

According to CBRE research looking at markets for tech talent across the United States and Canada, the San Francisco Bay Area and Seattle ranked at the top. From 2021 to 2024, the tech work force grew by 10% in the San Francisco Bay Area and 5.1% in Seattle.

“All four properties are located in prime infill neighborhoods with strong multifamily market fundamentals. Both the San Francisco Bay Area and Seattle benefit from dynamic tech employment hubs that drive economic and job growth,” said Mesa West Capital Head of Western Region Josh Westerberg, who led the origination team that included Vice President Hoony Shin. “This growth continues to generate robust multifamily demand from tech industry professionals and workers in related professional services.”

The business plan includes implementing targeted capital improvement programs across the portfolio, aiming to unlock rental upside driven by sustained demand and limited supply.

The financing was arranged by Eastdil Secured.