Mesa West Capital Originates $72 MM Loan on Dallas Office Campus

Lender Closes Out Summer Originating $823 Million in Past 90 Days
By: Mesa West Capital
 
 
Spread the Word
Listed Under

Tag:
* Mesa West Capital

Industry:
* Real Estate

Location:
* Los Angeles - California - US

LOS ANGELES - Sept. 23, 2019 - PRLog -- Mesa West Capital has provided affiliates of Equus Capital Partners with $72.1 million in short-term debt for the acquisition, repositioning and stabilization of Legacy Place, a 300,000-square-foot office campus in Plano, TX.

Built in 1998, Legacy Place features two identical six-story office buildings with 27,000-square-foot floor plates, and two parking structures on a 15.3-acre site at 5700-5800 Tennyson Parkway in Plano's Legacy micromarket. The property has immediate access to the Dallas North Tollway, a major north-south arterial connecting Interstates 30 and 35E near downtown Dallas, to U.S. Highway 380 in Frisco. This key transportation pipeline has contributed to Plano's growth as a high-performing office market, which reports a vacancy rate of 5.1%.    Legacy Place was 87.7% leased at closing.

A portion of the loan proceeds from the five-year, non-recourse loan will be used to fund capital improvements including a renovation of building lobbies and common areas, addition of hospitality-style amenities, elevator modernization, and new HVAC systems.

"Legacy Place I and II are high quality physical assets that will be significantly improved with the Sponsor's capital plan," said Vice President Brian Hirsh who originated the loan out of Mesa West's Chicago office. "This building modernization program will allow these buildings to directly compete with other Class A offerings in Legacy, a submarket that has been experiencing robust tenant demand."

The financing caps an active three-month summer period for the Los Angeles-based bridge lender. Since June, Mesa West Capital has originated more than $820 million in first mortgage debt, with loans ranging from $18 million to $155 million on a variety of property types.

"In an extremely competitive market in which we've seen a flattening yield curve and compressed margins, we continue to see deal flow based on our ability to move quickly, leverage key relationships and offer certainty of execution," added Mesa West Principal Ronnie Gul.

About Mesa West Capital, LLC

Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender.  With offices in Los Angeles, New York, Chicago, and San Francisco, 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 $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $16 billion.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com
End
Email:***@dbrpr.com Email Verified
Tags:Mesa West Capital
Industry:Real Estate
Location:Los Angeles - California - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
DB&R Marketing Communications News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share