NEWPORT BEACH, CA—Mesa West Capital originated a $55 million loan to an affiliate of Emmes Asset Management in order to refinance 4000 MacArthur Blvd. The 376,000-sq.-ft. class-A office space was built in 1979 and recently underwent a multimillion dollar renovation.
“Emmes was able to acquire an institutional quality asset in a top Southern California location and is repositioning it to take advantage of a lack of large contiguous blocks of quality space and an improving rental market in Orange County,” said Jason Bressler of Mesa West Capital, in a statement. “They have a tremendous track record in realizing the investment potential in transitional assets, especially here in Orange County.”
The loan is the first issued from the Mesa West Real Estate Income Fund III. The closed-end real estate debt fund targets short-term first mortgage debt between $15 million and $150 million for the purchase and recapitalization of non-stabilized assets in the United States.