Mesa West arranges $220m financing(3)

The deal is Mesa West’s third with Worthe Real Estate Group. 

Mesa West Capital provided $220 million in new financing for a joint venture backed by Stockbridge Capital Group, Worthe Real Estate Group and M. David Paul & Associates, the firm announced in a statement Monday.

The sponsors will use the capital to refinance The Pointe, a 14-story office building located in Burbank, California. This is the third financing Mesa West has provided for Worthe, according to a statement.

“The property is backed by strong sponsorship with deep experience in the submarket providing a competitive edge in leasing the asset,” said Mesa West Principal Ronnie Gul in a statement. Gul originated the financing on behalf of the sponsors.

The $220 million package includes $35 million of mezzanine debt placed alongside Morgan Stanley’s real estate investing platform, according to the statement. 

Last year, Mesa West closed its third value-added debt fund, Mesa West Real Estate Income Fund III, on more than $700 million, according to sister publication PERE. Mesa West also completed the first round of fundraising on its Mesa West Core Lending Fund, an open-ended core real estate debt vehicle targeting fixed- and variable-rate loans on more core-like properties.

Mesa West declined to disclose what funds were used to invest in The Pointe transaction.