Mesa West Capital has provided Newport Beach, CA-based real estate development and investment firm Sares Regis Group with $65 million in first mortgage debt for the acquisition of a 169-unit multifamily community in Los Angeles’ Mid-Wilshire neighborhood.
Mesa West Capital’s five-year, floating-rating loan is secured by The Preston, a four-story, high-density community located at 630 Masselin Avenue. The property features a mix of studio, one- and two-bedroom floorplans, and also includes a 336-car parking garage with EV parking stations, pet park, resort-style pool and clubhouse with fitness center.
Situated one-half block north of Wilshire Boulevard, between Fairfax and La Brea Avenues, in what is commonly referred to as The Miracle Mile, the neighborhood benefits from a vibrant social and cultural infrastructure with 1.2 million square feet of retail, entertainment and dining options, as well as Los Angeles’ largest collection of museums. Los Angeles’s famed “Museum Row” includes the Los Angeles County Museum of Art, the La Brea Tar Pits and Museum, the Craft Contemporary and the Petersen Automotive Museum. Additionally, the Academy Museum of Motion Pictures at Fairfax and Wilshire will open in December 2020.
The Preston is also within walking distance of two future subway stations along the Metro Rail’s Purple Line extension. When completed in 2023, both the Fairfax and La Brea Metro stations will offer access to downtown Los Angeles. Phase 2 and 3 of the expansion, due to open in 2025 and 2027, respectively, will extend the line west to Beverly Hills, Century City and Westwood.
Sares Regis Group will immediately begin a multi-million-dollar capital improvement campaign focusing on exterior, common area and amenity upgrades to create a more contemporary aesthetic. The plan also includes renovations to apartment interiors as units roll.
The origination team was led by Mesa West Capital Director Joshua Westerberg out of the private lender’s San Francisco office.
The financing was arranged by Jesse Weber and Scott Williams with CBRE out of its San Francisco office.