Mesa West Capital Funds Dallas Area Real Estate Acquisitions with Loans Totaling $104 Million

DALLAS - June 8, 2015 - PRLog -- Mesa West Capital has funded two separate five-year, non-recourse loans totaling $104.3 million for the acquisition of an 812,000-square-foot office campus and a 228-unit apartment home community in Dallas, TX.

         Mesa West provided $81.3 million in first mortgage debt to GEM Realty Capital and Cawley Partners for the acquisition of Lakeside Campus, a two-building office complex in the Dallas submarket of Richardson. Located at 2201 and 2221 Lakeside Boulevard in the heart of Dallas’ Telecom Corridor, Lakeside Campus features a 16-story office tower and a three-story, low-rise office building.  Built in 1991 as the headquarters for Nortel Networks, the complex features state-of-the-art technology infrastructure, structured parking and a campus-like setting.

“The Lakeside Campus has long been an icon in the Telecom Corridor and enjoys tremendous visibility along North Central Expressway,” said Mesa West Capital Principal Steve Fried, who originated the financing. “This is an attractive property in a strong Dallas submarket that is benefiting from significant corporate relocations.”

         Lakeside Campus has been 100 percent occupied by State Farm Insurance and Frontier Communications on short-term term leases.  At closing, the sponsor executed a long-term lease for approximately 400,000 square feet with online property management firm Real Page for the entire low-rise office building.  A portion of the loan proceeds from Mesa West will be used for planned lobby and common area renovations and associated costs to lease up the office tower, according to Fried.

         Elizabeth Kogen of JMB Realty Corp. in Chicago arranged the financing.

         Mesa West also provided Evanston, IL-based AHC Funds with a $23 million first mortgage loan for the acquisition and stabilization of Southern Villas, a luxury apartment community in Dallas’ Galleria submarket.  Built in 1998, the asset includes a mix of studio, one-and two-bedroom apartment homes and features structured parking and resort-like amenities including three Mediterranean-style courtyards, swimming pool, and 24-hour fitness center.

         “Our financing allowed the sponsor to acquire an institutional grade well-located apartment community below replacement cost in a strong Dallas rental market,” said Mesa West Capital Assistant Vice President Jason Bressler who originated the financing.  “Southern Villas represents an opportunity for the sponsor to add value by upgrading interior units and common area amenities to capture premiums associated with comparable properties in the area,” said Bressler.

Tracy Kennedy and Tony Stein in the Austin office of CBRE arranged the financing.

Mesa West has been active in Texas for a number of years, completing over $500 million of loan originations.

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About Mesa West Capital, LLC

Mesa West Capital (www.mesawestcapital.com) is a privately held debt fund manager and portfolio lender with more than $3 billion in assets under management.  With offices in Los Angeles and New York City, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Our lending portfolio includes all major property types with loan sizes ranging from $10 million up to $200 million. Since inception, the firm has sourced and closed more than 200 transactions totaling in excess of $6 billion.

About AHC Funds

AHC Funds are private equity real estate investment funds that seek well-located properties that will benefit from the focused attention of a highly qualified staff of professionals and provide exceptional returns for our investors.  The funds are sponsored and managed by Arthur Hill & Co. LLC, a privately held, soundly capitalized real estate firm with a focus on investment, development, and management of office, retail, and residential projects in selected markets throughout the United States.