Mesa West Provides $72M Loan for Dallas-Area Office Campus
- Sep 25, 2019
Mesa West Capital has originated a $72.1 million, five-year non-recourse loan for the acquisition of Legacy Place in Plano, Texas. Yardi Matrix data shows that Equus Capital Partners purchased the 300,000-square-foot office park from L&B Realty Advisors. The new owner intends to perform capital improvements to the buildings’ lobbies and common areas, add hospitality-style amenities, modernize the elevator and install new HVAC systems.
Located at 5700-5800 Tennyson Parkway, the portfolio is close to both residential properties and other office spaces and is roughly 23 miles from downtown Dallas. The two identical six-story buildings were completed in 1998, comprise 27,000-square-foot floorplates and include two parking structures on a 15.3-acre site. At the time of sale, the property was 87.7 percent leased. Per Yardi Matrix data, the tenant roster includes Huawei Technologies, Old Republic Title and Barings Multifamily Capital.
This March, Mesa West Capital also originated a $31 million refinancing loan for Olshan Properties. The proceeds went towards retiring existing financing, repatriate sponsor equity and cover the closing costs and financing fees.