- Dec. 27, 2017
-- Mesa West Capital has originated its first loan in the state of Minnesota funding $20 million in first mortgage debt to recapitalize an historic 150,000-square-
foot office building in Minneapolis.
The five-year, interest only loan is secured by The Colwell Building, a recently renovated eight-story red-stone and brick building located at 123 N. 3rd Street in Minneapolis' historic Warehouse District. A joint venture led by San Francisco-based real estate investment firm Spear Street Capital recently completed the first phase of a multi-million dollar renovation of the property. Improvements included new terrazzo floors in the lobby, upgrades to the elevator systems and cabs, new HVAC and windows earning the building an Energy Star label from the EPA for improved building energy performance and sustainability. A portion of the loan proceeds from the Mesa West loan will be used to build a state-of-the-
art fitness center and bike storage room, as well as to fund leasing and tenant improvement costs associated with stabilizing the building.
"The Colwell Building is one of the few institutionally owned and managed buildings in the Warehouse District and was the ideal entry point for Mesa West in Minneapolis,"
said Mesa West Vice President Matthew Snyder who led the origination team along with Brian Hirsh out of the Chicago office.
About Mesa West Capital, LLC
Mesa West Capital http://www.mesawestcapital.com
is a privately held debt fund manager and portfolio lender with more than $4.5 billion in assets under management. With offices in Los Angeles, Chicago 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. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $300 million. Since inception, the firm has sourced and closed more than 245 transactions totaling in excess of $10 billion.
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