Mesa West Capital announced today that it has provided New York-based Angelo Gordon & Co. and Virginia-based Atlantic Realty Companies with two five-year loans totaling $78.9m for the acquisition and stabilization of four-office buildings in Reston, Virginia.
The first loan covers a three-building portfolio known as Reston Corner I, II, and III, a suburban office park at Sunrise Valley Drive and Reston Parkway. Built between 1984 and 1987, the buildings range in size from 91,676 sq ft to 107,094 sq ft.
The other loan is secured by Parkridge V, a five-story, 202,107 sq ft office building built in 1999, one of six buildings that make up the Parkridge Office Park in Reston. Tenants include the regional office of Walmart, which recently expanded its presence at the building.
As the buildings are 58 and 38 percent leased, respectively, a portion of the loan proceeds will be used for capital improvements aimed at spurring additional lease-up.
Mesa West principal Raphael Fishbach said: “Angelo Gordon has been extremely successful partnering with local operators to identify institutional quality assets that are under-performing the market… We are confident our loans will provide the partnership with the capital, flexibility and structure in order to maximize the value of each of these properties.”