Canyon at Wild Basin Acquired

Oct 3, 2014
GlobeSt

Mesa West Capital has provided CapRidge Partners with $12.6 million in first mortgage debt to finance the acquisition and lease-up of Canyon at Wild Basin, a 74,580-square-foot class A office complex in Austin. The seller was Boston-based Intercontinental Real Estate Corp


Located at 115 Wild Basin Road with highway frontage along Loop 360, the three-story building was developed in 1999 and acquired by Intercontinental two years later. The multitenant building was 81 percent leased at closing to a mix of technology and professional service firms including Cloud 8 Sixteen, Alliance Association Management Inc. and Powell & Leon


“The venture is led by locally based CapRidge Partners which has a proven track record of acquiring and turning around well located, underperforming properties throughout Texas through efficient management and leasing,” says Mesa West assistant vice president Jason Bressler, who originated the financing out of the firm’s Los Angeles headquarters. “Our financing helped them acquire a quality asset with tremendous upside in a submarket with single digit vacancy, limited new supply and a high barrier to entry.” 


According to Bressler, a portion of the loan proceeds has been earmarked for leasing costs and the Borrower also plans to complete common area improvements including upgrading the lobby, corridors and restrooms


With this financing, Mesa West has originated $85 million in non-recourse first mortgage debt on commercial real estate assets in Austin and nearly $400 million throughout Texas


Andy Scott and Jim Curtin at HFF in Dallas arranged the financing



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