Mesa West Capital has provided a $32 million acquisition loan on a 180,558 sq ft office property in the suburbs of Austin, Texas to CapRidge Partners.
The five-year, floating rate loan with extension options marks Mesa West’s third real estate deal with CapRidge.
The financing on Lakewood on the Park includes funds for future capital improvements to reposition and stabilize the office campus and leasing costs. CapRidge purchased the property from Equity Commonwealth for an undisclosed sum.
“CapRidge will be able to leverage the strong market fundamentals and leasing in the Northwest submarket by re-positioning Lakewood on the Park as a well-located value alternative to the higher priced space in competitive buildings,” said Jason Bressler, VP at Mesa West, in prepared remarks.
Lakewood on the Park features two, three-story Class A office buildings on a 9.88-acre site. The property was 77 percent leased at closing. Tenants include Centaur Technology, Bulldog Solutions, and USA Southwest.
In 2014, Mesa West Capital provided a $12.6 million loan for the acquisition of another 74,580 sq ft office complex in Austin. And since 2004, the Los Angeles-based firm has originated approximately $400 million in first mortgage debt for the acquisition and refinancing of commercial real estate throughout Texas.