Mesa West Provides CNL With $38.2 Million Loan to Refinance Sawgrass Lakes Center in Sunrise, FL

NEW YORK - Oct. 6, 2014 - PRLog -- Mesa West Capital has provided a private equity joint venture led by Orlando-based CNL Commercial Real Estate, Inc. (“CCRE”) and Long Wharf Real Estate Partners with $38.2 million in short-term first mortgage debt to refinance the 239,373-square-foot Sawgrass Lakes Center in Sunrise, FL.

         Built in 2001 by The Opus Group, the six-story Sawgrass Lakes Center is a LEED-certified building located at 13450 West Sunrise Boulevard in the West Broward office submarket, according to Mesa West’s Daniel Tanner, who originated the loan out of the firm’s New York office.  The property is 85 percent leased with credit tenants including JP Morgan Chase.

         “This is an institutional quality building located in one of the top performing submarkets in Broward County,” said Tanner.  “The Sawgrass area continues to demonstrate strengthening fundamentals and attract a diverse mix of tenants. We’re confident the ownership is well-positioned to add value here, and our loan provides them with the flexibility to do so.”

         The joint venture partnership acquired the property in an all cash transaction in March 2014.  The acquisition was the first for CCRE in partnership with Boston-based Long Wharf Real Estate Partners, LLC. A portion of the loan proceeds will be allocated to leasing costs as CCRE continues to stabilize the property.

         Mesa West originated the non-recourse loan out of its Mesa West Real Estate Income Fund III, a $750 million debt vehicle, which provides first mortgage debt up to $250 million for the acquisition, refinancing and recapitalization of transitional institutional quality commercial real estate assets throughout the United States.

         The financing was arranged by the Miami office of HFF Real Estate Capital Markets led by Senior Managing Director Paul Stasaitis.  Other members of the team included Chris Drew and Jorge Portela.

About Mesa West Capital, LLC

Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 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.

About CNL Commercial Real Estate

     CNL Commercial Real Estate is full service real estate operating company that offers a full range of commercial real estate services, including leasing and management, tenant representation, project management, facilities management and brokerage services, as well as a development and investment platform. It operates in all sectors of commercial real estate, including office, retail, industrial and multifamily.