Dealmaker: Mesa West Capital Originates $69.75M for Charlotte Acquisition

(Image courtesy of Mesa West Capital; photo credit: Wafra Inc.)

Mesa West Capital, Los Angeles, originated $69.75 million for the acquisition and renovation of a multifamily community in Charlotte, N.C.

The acquisition was a joint venture between Hillridge Capital and Broad Creek Capital.

The five-year non-recourse floating-rate loan is secured by Loft One35, an apartment community with 298 units located in the South End neighborhood.

A portion of the loan proceeds will be used to fund capital improvements, including exterior paint, upgraded corridors and amenities, and interior renovations for select units. 

The financing was arranged by the Eastdil Secured team of Chris Campbell, Matt Brody, Daniel Allman and Catherine Reinecker. 

“The property’s desirable South End location coupled with the sponsor’s comprehensive renovation plan should enhance its value proposition relative to new supply, strengthening the property’s already attractive positioning within the submarket,” said Mesa West Executive Director Pamir Niaz, who led the origination team along with Mesa West Head of East Coast Originations Russell Frahm, out of the private lender’s New York office, and Associate JJ McMahon.