|
|
10/20/16
|
Mesa West Capital has provided KBS Realty Advisors with a $90.5 mil first mortgage loan to recapitalize its recent all-cash acquisition of Stonebridge Plaza I & II, a 386k sf, Class A office campus in Austin, TX. The asset boasts superior aesthetics, strong access and location, efficient floor plans and excellent parking.
The five-year, floating-rate loan is secured by two nine-story LEED-certified office buildings and a seven-story parking garage on a five-acre campus at 9600 and 9606 N. MoPac Expressway in Northwest Austin, one of the strongest office submarkets in the city. The property is situated at the intersection of Highways 183 and 360, near significant high-end retail amenities at both the Domain and Arboretum.
Completed in 1999 and 2001, the two institutional quality office buildings are collectively 96.5 percent leased to a variety of strong credit worthy tenants. A portion of the loan proceeds will be used for costs to renew existing leases or re-tenant the buildings if needed.
Mesa West originated the loan out of its open-ended Mesa West Core Lending Fund, which provides first mortgage loans up to $300 mil. Mesa West’s Steve Fried, out of the firm’s LA office, oversaw the transaction.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
