Mesa West Capital Funds $120 Million Loan to Refinance Rodeo Drive Retail Building

LOS ANGELES - Feb. 10, 2014 - PRLog -- Mesa West has provided ECA Capital with $120.2 million in financing to recapitalize 338-342 N. Rodeo Drive, a 20,727 square-foot, three-story retail building located in the heart of Beverly Hills.   The financing included $30.2 million of mezzanine debt and preferred equity, which was sold at closing to an account managed by BlackRock.

Leased to high-end fashion retailers Tom Ford and Bally, the property sits on a double-lot and features 100 feet of frontage along what is considered to be one of the top 10 retail streets in the world.  In addition to retiring the existing debt on the property, ECA Capital, which also owns and operates high street retail assets in Chicago and Boston, will use a portion of the loan proceeds to reposition the asset.

“We are excited to provide ECA Capital with a structured and creative financing solution and the certainty of execution they needed to recapitalize the property” said Mesa West Principal Ronnie Gul, who originated the financing.  “338-342 Rodeo Drive is a trophy asset that is well-positioned to capitalize on the increasing demand by luxury goods tenants for well-located high-street retail.”

The financing was arranged by Chuck Hoag and Trisha Connolly of Cushman & Wakefield’s Chicago office.

“This is the premier shopping destination in the country and one of the top luxury, high streets locations in the world,” Hoag  said. “When you have irreplaceable real estate like this, there are several of options, but, it took a total team effort to find just the right solution for ECA Capital. We were happy to be a part of the process.”

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.