Mesa West Capital has provided a $27.4m loan to The Bascom Group and Oaktree Capital Management for the acquisition of an apartment building in Henderson, Nevada, Real Estate Capital has learned.
The five-year floating rate loan backs the purchase of Villa Serena, a 288-unit building at 325 North Gibson Road, which closed yesterday and marked the joint venture’s seventh multifamily acquisition.
“Oaktree and Bascom have a successful track record with similar product throughout the country, making this an attractive lending opportunity for Mesa West,” said the lender’s assistant vice president, Jason Bressler, in a written statement.
Villa Serena, built in 1996, is located within the Las Vegas metro area. It consists mostly of one- and two-bedroom apartments, with the remaining five percent composed of three-bedroom apartments. Bascom, which formed the joint venture with Oaktree one year ago, said it plans to make upgrades to common areas and interiors to put it on par with “higher-quality rental properties in its submarket.”
Bascom has completed over $8.8bn in multifamily and commercial value-added transactions since 1996. Through the joint venture with Oaktree, it has acquired properties in Arizona, Florida, Georgia, Nevada and Texas.
In November Mesa West provided a $35m loan on the joint venture’s acquisition of the Indigo Creek Apartments in Glendale, Arizona.