Mesa West Capital has provided MWest Holdings and capital partner GreenOak Real Estate with $52 million in first mortgage debt for the acquisition of Emerald Terrace, a 302-unit multifamily property in Los Angeles’ Koreatown district.
The five-year, non-recourse financing includes funds that will allow MWest to complete a renovation program started by the previous owner, Fairfield Residential. MWest paid a reported $66 million for the property.
“Our financing allows MWest to acquire an institutional quality property and capitalize on the area’s strong multifamily fundamentals,” said Mesa West VP Brandon Bachner, who originated the financing.
“We are confident in MWest’s plans to update interior and common area amenities in order to capture rent premiums and achieve exceptional returns on cost, as they have done with their other Southern California investments,” Bachner said.
The three-acre, 1970s vintage-style apartment community, completed in 1972 at 160 South Virgil Avenue, sits at the border between the Koreatown and Silverlake neighborhoods of Los Angeles.
MWest, which owns a portfolio of 1.5 million sq ft of office, retail, multifamily and industrial assets in New York City, California, Texas and Florida, owns more than 1,000 multifamily units in the Los Angeles area, including the Wilshire Royale and Hollywood Tower apartments.
Jake Roberts and Anita Paryani Rice of IPA Capital arranged the financing.