airway drive

Class “A” office building in Santa Rosa, California.

Property Description: 105,441 square foot, three-story Class A office building located in Santa Rosa, California. The site was built as a bank headquarters and has additional land for development. Santa Rosa is one hour north of San Francisco and has a 4 million square foot office market.

Investment Profile: The Sponsor’s business plan was to acquire the property from the owner-occupier, a large regional bank, convert the project to multi-tenant and lease it up to the market occupancy. In addition, the Sponsor intended to re-entitle the excess land and sell it to a residential developer.

Loan Amount: $17,040,000

Loan Type: Acquisition and reposition first mortgage bridge loan

Deal Highlights: The Sponsor needed to close the financing in a three week period and at closing the property was 15% occupied. Mesa West Capital provided a loan that would provide funds to carry the project until stabilization as well as amounts for tenant improvement costs and leasing commissions, and closed the financing as promised and on time.

Like to stay up to speed on new Mesa West transactions? Contact us as info@mesawestcapital.com or call us at (310) 806-6300.