Mesa West's NYC office arranges $78.9 million in acquisition financing

Mesa West Capital has provided a partnership of New York City-based Angelo Gordon & Co. and Tysons Corner, VA-based real estate firm Atlantic Realty Cos. two loans totaling $78.9 million in first mortgage debt for the acquisition and stabilization of four-office buildings. The loans were originated out of Mesa West's New York City office. Nicholas Seidenberg, Clint Frease and Michael Zelin of Eastdil Secured arranged the financing. The first loan covers a three-building portfolio known as Reston Corner I, II, and III, a suburban office park at Sunrise Valley Dr. and Reston Pwy.Built between 1984 and 1987, the buildings range in size from 91,676 to 107,094 s/f and house an array of tenants, including Reston Associates. The buildings were 58% leased at closing. The other loan is secured by a single asset known as Parkridge V, a five-story, 202,107 s/f office building built in 1999. It is one of six buildings that make up the Parkridge Office Park. Parkridge V is 38% leased and tenants include the regional office of Walmart, which expanded its presence at the building. All four properties are located within five miles of the Dulles International Airport. A portion of the proceeds from each of Mesa West's floating rate loans will be used to improve the buildings and spur additional lease-up. "Angelo Gordon has been extremely successful partnering with local operators to identify institutional quality assets that are underperforming the market," said Mesa West principal Raphael Fishbach. "We are confident our loans will provide the partnership with the capital, flexibility and structure in order to maximize the value of each of these properties."