meadow wood

Apartment complex in Reno, Nevada

Property Description: 704 unit garden-style apartment complex located in Reno, Nevada. The property was built in the 1970’s, is wood frame construction and is located in a central sub-market in Reno. The property was 95% occupied at closing but had below-market rents due to deferred maintenance and a need for a renovation.

Investment Profile: The Sponsor’s business plan was to make interior and exterior improvements to the property, raise rents to market and potentially convert all or a portion of the units to condominiums. The Mesa West Capital loan was 80% of the total capitalization and provided an ability for the Sponsor to make capital improvements at the project.

Loan Amount: $44,000,000

Loan Type: Acquisition and reposition first mortgage bridge loan.

Deal Highlights: The Sponsor had a substantial deposit in escrow and needed to close in less than two weeks. Also, the Sponsor wanted an ability to map a portion of the units and convert them into condominiums. Mesa West Capital met the Sponsor’s short acquisition timing and structured a loan tailored to meet the Sponsor’s business plan.

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