Dealmaker: Mesa West Capital Supplies $44M for Los Angeles Area Apartment Community

(Photo courtesy of Mesa West Capital)

Mesa West Capital, Los Angeles, provided Alliance Residential and PCCP with $43.5 million to refinance Broadstone Los Feliz, a 134-unit multifamily community in Los Angeles.

A CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly arranged the five-year floating-rate loan.

Built in 1986, the property is located at 1800 N. New Hampshire in Los Feliz, a hillside neighborhood in the greater Hollywood area. Los Feliz includes cultural landmarks including Griffith Park, the Greek Theatre and the Los Angeles Observatory.

“With the combination of a strong cultural scene, limited supply and the unique character of the neighborhood, Los Feliz continues to experience low vacancy and attractive rent growth,” said Mesa West Capital Head of Western Region Josh Westerberg, who led the origination team that included Vice President Hoony Shin.

The subject property includes a mix of studio, one- and two-bedroom apartment homes and a rooftop lounge with unobstructed views of the Griffith Observatory and Hollywood sign. Since acquiring Broadstone Los Feliz in 2022, the Alliance-led joint venture has invested more than $1 million to upgrade the common areas and renovate the interiors of 33 units with hardwood flooring, quartz countertops and stainless steel appliances, bringing the total of renovated homes to 67%. The sponsor plans to renovate the remaining 45 classic units within the next two years, Westerberg said.

The property was 95% occupied at loan closing.