Real Estate Weekly
Image default
Debt & Equity

Angelo Gordon JV borrows $79M for acquisition

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 Companies two loans totaling $78.9 million in first mortgage debt for the acquisition and stabilization of four-office buildings in Reston, VA.

The loans were originated out of Mesa West’s New York City office.

The first loan covers a three-building portfolio known as Reston Corner I, II, and III, a suburban office park at Sunrise Valley Drive and Reston Parkway.

Built between 1984 and 1987, the buildings were 58 percent 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 in Reston, VA.

Parkridge V is 38 percent leased and tenants include the regional office of Walmart, which recently 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.”

Nicholas Seidenberg, Clint Frease and Michael Zelin of Eastdil Secured arranged the financing.

(Visited 1 times, 1 visits today)

Related posts

JLL arranges $60M refi’ for Jersey apartment tower


Innovo lands $155M construction loan for latest last-mile development


Extell secures $146M inventory loan on luxury NYC condo