NEW YORK—Mesa West Capital, based in Los Angeles, Calif. with an office in New York, N.Y., has provided Brookfield Real Estate Opportunity Fund I with a $95.5 million first mortgage loan on 64 New York Ave. NE, a 355,000-sq.-ft. office property in Washington, D.C.
The loan proceeds were used to refinance the existing debt and provide for capital costs associated with recent improvements, according to Mesa West Capital Principal Raphael Fishbach in the firm’s New York City office, who originated the financing.
Built in 1924 as a warehouse, the building was converted into a class A office property in 2000. Brookfield acquired the building in 2005 and has made improvements within the building’s tenant spaces, common areas and building systems.
Having received an Energy Star label annually since 2009, 64 New York Ave. NE was awarded LEED Gold certification by the U.S. Green Building Council in 2011.
The property is currently 45 percent occupied by the District of Columbia.