Mesa West Provides $44M in Financing for SoCal Office Building
- Apr 19, 2010
April 19, 2010
By Allison Landa, News Editor
Mesa West Capital said on Monday that it has provided CB Richard Ellis Strategic Partners U.S. Value 5, LP (CBRE Investors) with $44 million in first mortgage financing for the 500 North Brand Avenue building in Glendale, Calif.
The 420,000 square-foot, 22-story Class A office building is LEED Gold certified. It was built in 1990 and renovated in 2002. CBRE Investors acquired the property in December 2008 as part of a portfolio of three Class A office buildings.
The property is located one block from the Ventura Freeway with access to downtown Los Angeles, the West Side, and Hollywood.
Financing was arranged by Keith Huizinga and Brian Halpern of CBRE Capital Markets.
CB Richard Ellis Strategic Partners U.S. Value 5, LP is a closed-end comingled real estate equity fund sponsored by CB Richard Ellis Investors designed to purchase, reposition, develop, and sell U.S. real estate. Mesa West is a commercial real estate capital source with offices in Los Angeles and New York. It has a capital base over $1.5 billion.