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Mesa West Capital Funds $47 Million in Debt on Two Denver Commercial Real Estate Assets
In the past 24 months, Mesa West has deployed approximately $200 million in first mortgage commercial real estate debt in the Denver area.
Mesa West has funded a $20.1 million loan to refinance a maturing loan on 1875 Lawrence Street, a 15-story, 185,700 square-foot office building located adjacent to Denver’s historic Lower Downtown (Lodo). The multi-tenant building is held by Behringer Harvard Opportunity REIT II, Inc., an investment program sponsored by Behringer Harvard, a Dallas, TX-based firm that creates, manages and distributes global institutional-
“Behringer Harvard will undertake a significant capital improvement program and will leverage the building’s quality and proximity to the LoDo area,” said Mesa West’s Brandon Bachner who originated the financing.
“We are making further investments in this well-located property because we believe that favorable demographic trends and the improving Denver economy will contribute to its upside potential,” said Michael O’Hanlon, president and CEO of Behringer Harvard’s opportunity platform. “Our plans include a lobby renovation and additional rentable square feet that are expected to enhance the property’s appeal to tenants.
Financing for 1875 Lawrence was arranged by Eric Tupler and Josh Simon of HFF
Mesa West has also provided the Bascom Group with a $27.2 million loan for its recent acquisition and renovation of Village at Loretto Heights, a 312-unit multifamily complex located eight miles southwest of Downtown Denver. Acquired from San Francisco-based Carmel Partners, the property is currently 96 percent occupied. Bascom, which is one of the largest multifamily owners in Denver with a portfolio of more than 7,000 units across 18 properties, will use a portion of the proceeds to complete a multi-million dollar renovation of the units initiated by the seller.
Brian Eisendrath with CBRE’s Debt and Equity Finance group arranged the financing.
“Bascom is a premier multifamily operator with a successful track record of acquiring well located assets and applying their experience to lower operating costs and complete value-add renovations which capture rental premiums,” said Mesa West’s Jason Bressler, who originated the financing.
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.