Mesa West Capital Provides $40 Million Loan on Phoenix Office Portfolio

Feb. 28, 2011 - PRLog -- Los Angeles - Mesa West has provided a joint venture formed by affiliates of Morgan Stanley Real Estate Investing and McCarthy Cook & Co. with $40 million in first mortgage financing to capitalize a two-property office portfolio in Phoenix, AZ.
   The joint venture acquired the properties in October 2010 in an all cash deal from Teachers Insurance and Annuity Association of America. The Mesa West loan is secured by two Class A office complexes located two blocks from each other in the 7.1 million square-foot Camelback Corridor, considered the premier office submarket of metropolitan Phoenix.
   24th & Highland, located at East Highland and N. 24th Street, is comprised of two four-story buildings.  Less than ¼-mile from Camelback Corridor's “Main and Main” intersection of 24th Street and Camelback Road, the complex is surrounded by other prestigious projects, including Camelback Esplanade, 24th at Camelback, Camelback Center, two high-rise luxury residential towers, Biltmore Fashion Park and the Ritz Carlton Hotel.  
        Park One is a two-building office campus located at the intersection of N. 22nd Street and East Highland Avenue.
   “Phoenix was one of the hardest hit office markets in the United States, and we believe that the market has bottomed,” says Steve Fried of Mesa West.  “As the Phoenix economy improves, the most attractive spaces in the best submarkets will lease first.  Under its present ownership, Park One and 24th & Highland are very well positioned to benefit from this flight to quality.”

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About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (http://www.mesawestcapital.com) is a privately held portfolio lender with a capital base of more than $2 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re-financings and re-capitalizations on office, retail, industrial, multifamily and hotels in the United States.