The Seattle-based lender’s loan enabled Industrial Realty Group (IRG) to buy the corporate office and industrial campus for $70.5 million. The loan-to-value is about 71 percent.
The firm plans to redevelop, lease and potentially sell parts of the 425-acre property.
The loan was closed in just 15 days, Brad Shain, managing director with the lender’s real estate strategy group, told Real Estate Capital, calling it “our largest and most exciting” deal to date. “Our average deal size is about $10 million,” he said.
Mesa West Capital, partially owned by CPA, passed the deal along.
“I thought of them because they are looking for more yield and more risk to get it, and they are based in Seattle,” said Jeff Friedman, co-CEO and co-founder of Mesa West. “It was a very tight time frame, and we needed a group already familiar with the asset and market.”
CPA has closed more than $90 million in loans so far this year. The company manages more than $1.1 billion across a variety of alternative investments.