October 18, 2016
Mesa West Capital provided KBS Realty Advisors with a $90.5 million first-mortgage loan. The financing will recapitalize KBS’ recent all-cash buy of Stonebridge Plaza I & II, a 386,000-square-foot, Class A office campus in Austin, TX. The loan was originated out of the open-ended Mesa West Core Lending Fund.
The five-year, floating-rate loan is secured by two nine-story buildings and a seven-story parking garage at 9600 and 9606 N. MoPac Expwy. in northwest Austin. The two office buildings were completed in 1999 and 2001, and collectively are 96.5% leased. KBS plans to use part of the proceeds for costs in renewing existing leases, or re-tenanting the buildings, if needed.
Steve Fried with Mesa West led the origination team out of the private lender’s Los Angeles office.
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