Mesa West Capital Funds Two Phoenix, AZ Multifamily Loans Totaling $73 Million

By: Mesa West Capital
 
LOS ANGELES - March 4, 2016 - PRLog -- In two separate transactions, Mesa West Capital has funded $73.3 million in floating rate non-recourse loans secured by multifamily communities in Phoenix, AZ.

In the larger of the two financings, Mesa West provided a joint venture between Optima and DeBartolo Development with  $49.8 million in first mortgage debt to refinance Optima Sonoran Village in Old Town Scottsdale.

The loan is secured by the 206-unit first phase of a planned three-phase, high-rise multifamily development.  The Class A apartment community located at 6895 East Camelback Road across from the two-million square-foot Scottsdale Fashion Square, features condominium level finishes such as granite countertops, stainless steel appliances, and in-unit washer and dryer.  The property shares a 19,000-square-foot resident club with indoor basketball and racquetball courts, fitness center, indoor pool and spa and fully equipped locker rooms.  It also includes two outdoor pools, putting greens, fire pits, picnic area and dog park.  Old Town Scottsdale is considered the premier multifamily market in the greater Phoenix area and boasts the highest rents in the region.

“This was an opportunity to make a loan on a top tier asset in an affluent market with strong and experienced sponsorship,” said Vice President Jason Bressler who originated the loan out of the firm’s Los Angeles office.

Rocco Mandala in the Phoenix office of CBRE arranged the financing.

Mesa West also provided a joint venture led by Sunroad Enterprises with $23.5 million in first mortgage debt to finance the acquisition of Sonoma Ridge Apartments, a 240-unit community in the Phoenix, AZ suburb of Peoria.   Mesa West’s five-year, floating rate loan allowed San Diego-based Sunroad along with partners Security Properties and Loma Linda University to acquire the high-quality asset.

Sonoma Ridge features 18, two-story buildings on a 14.7acre site at 8201 W. Beardsley Road. Offering a mix of one-, two- and three bedroom units, the community is well amenitized with a clubhouse, resort-style pool, resident business center, picnic areas, fitness center and racquetball court.

Sonoma Ridge is well maintained having been institutionally owned and operated since it was developed in 2002.  A multi-million capital improvement program that will include significant interior unit, exterior and amenity renovations will help the sponsor capture premiums on the current below market rents at the property, according to Bressler.

“Sunroad and Security Partners are good Sponsors with significant local experience and a strong business plan to renovate the asset and increase rents,” added Bressler.

Aldon Cole and Tim Wright in the San Diego office of HFF arranged the financing.

About Mesa West Capital

Mesa West Capital (www.mesawestcapital.com) is a privately held debt fund manager and portfolio lender with more than $3.5 billion in assets under management.  With offices in Los Angeles, New York City and Chicago, 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 Optima, Inc.

Optima Inc. is a Glencoe, IL based firm that acts as architect, developer, general contractor and owner for an array of multifamily housing projects in the Chicago and Phoenix metropolitan areas. For over three decades, Optima has been developing, designing and building some of the most striking urban and suburban luxury residential communities in the United States.

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Source:Mesa West Capital
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Tags:Finance, Multifamily, Phoenix
Industry:Real Estate
Location:Los Angeles - California - United States
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