Mesa West Capital Secures $55M Loan for Newport Beach Office

Mesa West Capital, a Los Angeles-based lender, announced this week that it had originated the first loan from its Mesa West Real Estate Income Fund III, providing a $55 million first mortgage debt to an affiliate of Emmes Asset Management. Jonathan Firestone and J.P. Leveque at Eastdil Secured arranged the financing. Emmes will use the loan to recapitalize 4000 MacArthur Boulevard in Newport Beach, CA, has recently completed a multimillion dollar renovation on the Class A office complex.

"Emmes was able to acquire an institutional quality asset in a top Southern California location and is repositioning it to take advantage of a lack of large contiguous blocks of quality space and an improving rental market in Orange County," said Jason Bressler of Mesa West Capital. "They have a tremendous track record in realizing the investment potential in transitional assets, especially here in Orange County."

Originally built in 1979, the 376,000 square foot office complex is under lease management with Jones Lang LaSalle. The recent renovations on the two 10-story buildings, also known as Koll Center, include a redesign of the building lobby and entry, a new full-service cafe and outdoor patio, major improvements to the building systems and upgrades to common areas.

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