Dealmaker: Mesa West Capital Provides $22M in Downtown Los Angeles

Mesa West Capital, Los Angeles, provided M West Holdings, Sherman Oaks, Calif., with $21.6 million to acquire a downtown Los Angeles multifamily building.

M West Holdings paid seller Gilmore Associates, Los Angeles, $37 million for the San Fernando Building at 400 South Main Street in Los Angeles.

IPA Capital Markets First Vice President Jake Roberts arranged the financing.

The building is one of three early-1900s vintage buildings Gilmore Associates redeveloped as residential housing in 2000. The San Fernando along with the Hellman and Continental make up the cornerstone of the Old Bank District, a revitalized area of downtown Los Angeles that stretches along Spring and Main Streets between 4th and 6th. 

The San Fernando joined the National Register of Historic Places in 1986 and the Los Angeles Historic-Cultural Monument list in 2002.

“We saw this as an opportunity to once again help M West seize an opportunity to acquire an irreplaceable asset and capitalize on the dynamic changes taking place in LA’s urban neighborhoods,” said Mesa West Capital Vice President Brandon Bachner, who originated the financing. 

Bachner said Mesa West Capital provided M West Holdings $52 million to acquire and renovate a 302-unit multifamily property in nearby Koreatown late last year.

M West will use some of the five-year interest-only floating-rate loan to upgrade the 70 existing residential loft apartments and create eight new street-level live/work loft units.