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December 18, 2018
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FINANCING NEWS
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CA Res Buy Financed with $125 Mil of Short-Term Money

1/24/18

Mesa West Capital provided a private multifamily investment firm with $125 mil in short-term first mortgage debt to finance the West Coast apartment investor’s recent acquisition and repositioning of four California multifamily assets.

Villas at Carlsbad, Carlsbad
Villas at Carlsbad, Carlsbad
The financings were secured by properties in the San Francisco Bay Area, Orange and San Diego Counties. They include the 186-unit Atlantic Apartments in Alameda, the 116-unit Mosaic Hayward, the 102-unit Villas at Carlsbad in Carlsbad, and the 116–unit Vista del Rey in Tustin.

The properties were acquired over the past six months from three different sellers. The properties all provide workforce housing in infill locations and were in need of more focused management and capital upgrades. The portfolio was approximately 95% leased at below market rents, at the time of closing.

Mesa West’s Ronnie Gul originated the five-year, floating rate loan. The financings were arranged by Jake Roberts and Anita Paryani-Rice at IPA Capital. A portion of the loan proceeds will be used to cure deferred maintenance and help fund various renovation programs. Improvements will focus on the exterior presence and common area amenities with select interior upgrades on a unit-by-unit basis.

“Each of the properties is located in a solid, infill location with durable demand drivers that provided new ownership an opportunity to more efficiently manage operations to maximize value,” said Gul. All of the properties are located in major metro first-ring submarkets exhibiting strong and lasting multifamily market fundamentals.





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