Mesa West Capital Originates Two Loan Totaling $117 MM

Financing includes rate construction loan from Los Angeles-based balance sheet lender
By: Mesa West Capital
 
 
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LOS ANGELES - Nov. 6, 2019 - PRLog -- Mesa West Capital has provided financing for the acquisition of a multifamily project in Henderson, NV and the construction of a Class A office tower in suburban Philadelphia in separate loans totaling $117.375 million.

A joint venture of an affiliate of American Real Estate Partners and developer Oliver Tyrone Pulver Corp (OTPC) has received a $76.5 million loan from Mesa West Capital for the construction of Seven Tower Bridge, a  260,000-square-foot Class A office building in the Pennsylvania borough of Conshohocken, located 10 miles north of Center City Philadelphia.   Seven Tower Bridge is the last in a series of buildings developed by OTPC and its affiliates within the 45-acre, 1.4 million-square-foot masterplanned, mixed use Tower Bridge development and the first new office project in Conshohocken since 2002.

The three-year floating rate is one of the few construction loans originated by Mesa West Capital in its 15-year history, according to Director and head of the Chicago office Matthew Snyder who originated the financing.

"As a relationship lender, we are looking at ways to provide a wider variety of financial solutions to meet our clients' business objectives, including construction financing in the right situations," said Snyder.

Mesa West Capital also provided The ConAm Group with $40.875 million in short-term, first mortgage debt for the acquisition and repositioning of South Valley Ranch Apartments in the Las Vegas submarket of Henderson, NV.

South Valley Ranch features 292 apartment homes in a mix of one-, two- and three-bedroom floorplans housed in 37, two-story buildings on a 17-acre site.    Common area amenities include an outdoor swimming pool, fitness center and dog run.   ConAm, one of the largest multifamily owner-operators in the U.S. with more than 53,000 fee-managed and company-owned units under management, has budgeted a multi-million dollar renovation program targeting common areas, amenities and apartment interiors as units roll.

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.

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