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Mesa West Capital Originates $84.75 Million to Refi Two Los Angeles Luxury Apartment Communities
By: Mesa West Capital
The refinance was secured by two residential communities, the "HW" by CLG, a 79-unit low-rise boutique courtyard building in Hollywood and the "BW" by CLG, a 78-unit mid-rise apartment community in the West Los Angeles neighborhood of Brentwood.
"Both properties are located in strong pockets of Los Angeles with high renter demand," said Executive Director Josh Westerberg who led the origination team out of Mesa West Capital's San Francisco office. "The bulk of the multifamily inventory in these submarkets are older product and both of these properties stand out as high-quality options for tenants looking for better amenities and high-quality interior finishes."
The HW is located on Hollywood Boulevard between Laurel Canyon and Fairfax Avenue and features a mix of one- and two- bedroom floorplans ranging in size from 698 to 1,360 square feet. Each unit offers 10'foot ceilings, Bosch appliances, full size washer and dryer, designer finishes including stone countertops and backsplashes, lighting fixtures, and wood plank flooring. Community amenities include rooftop deck with views of downtown Los Angeles and the Hollywood Hills, pool and spa, private screening room, and a cardio and weight center.
The BW is located at the northeast corner of Barrington Avenue and Wilshire Boulevard, approximately five miles from the City of Santa Monica and the Pacific Ocean. The one-, two- and three-bedroom apartment homes offer a similar amenity package as the HW. The building features a rooftop lounge with outdoor kitchen and grilling pavilion, 24-hour cardio and weight studio, and a ground floor restaurant operated by noted chef Ramin Nouri.
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 $20 billion.
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