Mesa West Capital has 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 Los Angeles-based portfolio lender announced in a statement. 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 the 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 package, which includes $35 million of mezzanine debt placed alongside Morgan Stanley’s real estate investing platform, on behalf of the sponsors.
Last year, Mesa West closed its third value-added debt fund, Mesa West Real Estate Income Fund III, on more than $700 million. The firm 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 which funds were used to finance The Pointe transaction.