331 North maple drive

Class “A” office building located in Beverly Hills, California

Property Description: 80,093 square foot, three-story Class A office building located in Beverly Hills, California. The property was built in 2000 and has extremely high finishes but was only 18% occupied at closing.

Investment Profile: The Sponsor was buying the property with only 18% occupancy and a somewhat specialized use. The Sponsor’s business plan is to lease up the project and then sell or refinance it upon stabilization.

Loan Amount: $24,120,000

Loan Type: Acquisition and reposition first mortgage bridge loan

Deal Highlights: The Sponsor was a syndicator buying an 18% occupied project, had a tight acquisition time period, had a very high capitalization of approximately $465 per square foot and the project was zoned for a corporate headquarters user. Mesa West Capital got comfortable with the Sponsor and its very high basis as well as the zoning issues at the project, structured a loan to provide funds for interest and operating reserves to carry the project and tenant improvement costs and leasing commissions, and closed the financing within a three week period to meet the Sponsor’s acquisition requirements.

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