Trending...
- Governor Gavin Newsom signs SB 27, strengthening California's CARE Act and expanding access to behavioral health services
- Mullins McLeod Surges Into SC Governor's Race with $1.4 Million Raised in First Quarter; Most from His Own Commitment, Not Political Pockets
- RNHA FL Unveils Bold New Leadership Ahead of 2026 Elections
LOS ANGELES - Californer -- Mesa West Capital has originated $68.5 million in short-term financing for Legacy Partners and PGIM's real estate business' acquisition of a 320-unit multifamily community in Azusa, CA.
The five-year, interest-only, floating-rate loan is secured by University Village, a garden-style apartment community located at 801 East Alosta Avenue, directly across from Azusa Pacific University. The Southern California university, which previously used the property for student housing, sold it to the sponsor who will immediately begin repositioning the asset as a traditional multifamily rental community, which will be rebranded Citrus Place. A portion of the loan proceeds will be used to implement a light value-add strategy that will include upgrades to unit interiors and common area amenities, and address deferred exterior maintenance issues.
Azusa is situated in Los Angeles' North San Gabriel Valley, roughly 20 miles east of Downtown Los Angeles. It is historically one of the region's strongest multifamily submarkets. Over the past 12 months, average home prices in Azusa and surrounding communities have risen to approximately $700,000. This affordability gap, relative to homeownership has reinforced renter demand, particularly for well-located, amenitized communities. According to CBRE research, the North San Gabriel submarket reported a vacancy rate of 3.7% in Q2 2025—half a percentage point lower than the overall Los Angeles market.
More on The Californer
"With no new construction projects in the pipeline—helping to alleviate supply-side pressure both now and in the future—along with persistent demand, we expect the local multifamily market to sustain strong fundamentals into the foreseeable future," said Joshua Westerberg, Head of Originations for the Western Region at Mesa West Capital.
"We expect the sponsor will see strong demand at University Village as they complete the planned capital improvement program."
Built in 1985, University Village offers a mix of one- and two-bedroom units featuring in-unit washer/dryers, central heating and air conditioning, and oversized balconies on second-story units. Community amenities include 610 parking spaces, gated access, a recreation clubhouse, two outdoor swimming pools, tennis courts, and a basketball court.
The financing was arranged by Ryan Greer, CJ Connolly, and Spencer Beckwith in the Los Angeles office of CBRE.
About Mesa West Capital, LLC
Mesa West Capital (http:www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 450 transactions totaling over $28 billion.
More on The Californer
The five-year, interest-only, floating-rate loan is secured by University Village, a garden-style apartment community located at 801 East Alosta Avenue, directly across from Azusa Pacific University. The Southern California university, which previously used the property for student housing, sold it to the sponsor who will immediately begin repositioning the asset as a traditional multifamily rental community, which will be rebranded Citrus Place. A portion of the loan proceeds will be used to implement a light value-add strategy that will include upgrades to unit interiors and common area amenities, and address deferred exterior maintenance issues.
Azusa is situated in Los Angeles' North San Gabriel Valley, roughly 20 miles east of Downtown Los Angeles. It is historically one of the region's strongest multifamily submarkets. Over the past 12 months, average home prices in Azusa and surrounding communities have risen to approximately $700,000. This affordability gap, relative to homeownership has reinforced renter demand, particularly for well-located, amenitized communities. According to CBRE research, the North San Gabriel submarket reported a vacancy rate of 3.7% in Q2 2025—half a percentage point lower than the overall Los Angeles market.
More on The Californer
- New West Symphony: E.T. The Extra-Terrestrial in Concert
- Vesper Public Relations is selected as an official supplier of the LASEC Business Connect Program
- California announces coalition of Governors forming new alliance to protect public health from political interference
- $73.6M Pipeline, $10M Crypto Play & Legal Firepower: Why Investors Are Watching Cycurion (N A S D A Q: CYCU) Like a Hawk
- Grammy award winning Cuban-Canadian artist Alex Cuba releases its 11th studio album, "Indole"
"With no new construction projects in the pipeline—helping to alleviate supply-side pressure both now and in the future—along with persistent demand, we expect the local multifamily market to sustain strong fundamentals into the foreseeable future," said Joshua Westerberg, Head of Originations for the Western Region at Mesa West Capital.
"We expect the sponsor will see strong demand at University Village as they complete the planned capital improvement program."
Built in 1985, University Village offers a mix of one- and two-bedroom units featuring in-unit washer/dryers, central heating and air conditioning, and oversized balconies on second-story units. Community amenities include 610 parking spaces, gated access, a recreation clubhouse, two outdoor swimming pools, tennis courts, and a basketball court.
The financing was arranged by Ryan Greer, CJ Connolly, and Spencer Beckwith in the Los Angeles office of CBRE.
About Mesa West Capital, LLC
Mesa West Capital (http:www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 450 transactions totaling over $28 billion.
More on The Californer
- Thread Advisory Group Launches to Help Retailers Turn Strategy Into Lasting Results
- QView Medical and Eve Wellness Announce Partnership to Advance Direct-to-Consumer Breast Cancer Screening With FDA-Approved AI
- New Article Reveals Common Pricing Pitfalls in Flooring Projects — And How to Avoid Them
- Inside the Practice of a Caring Dentist Bringing Personalized Care to La Jolla
- Airbus Defence and Space and Omnitronics Sign MoU to Advance Interoperability in Critical Communications
Source: Mesa West Capital
Filed Under: Real Estate
0 Comments
Latest on The Californer
- Milwaukee Job Corps Center: Essential Workforce Training—Admissions Now Open
- Aissist.io Launches Hybrid AI Workforce to Solve AI Pilot Failure for Customer Support Automation
- Christy Sports Makes Snowsports More Accessible for Families to Get Outside Together
- MainConcept Completes Management Buyout to Become Independent Company
- Zip launches modern, affordable software for small moving companies
- LIB Industry Expands Full-Series Salt Spray Corrosion Test Chambers to Meet Global Testing Standards
- The Easy Way to Collect Every Wedding Photo from Your Guests - No App Needed
- Rick Roco Ignites San Francisco's Pop Surrealism Scene
- Official City of Long Beach Statement Regarding Cease and Desist Notices for Unpermitted Event on October 11, 2025
- REPRESENTATION REVOLUTION: FLM TV Network Launches as America's First Truly Diverse Broadcast Network
- OhMyPretty Burmese Curly Bundles Redefine Long-Lasting, Chic, Versatile Curls
- Hunger Action Los Angeles to Host 2025 Fundraising Gala on World Food Day at Guelaguetza Restaurant
- New Book Call all Jews to Accept Jesus as the Messiah
- Flux AI Launches CRAISEE — The World's First All-in-One Generative AI Platform
- Governor Newsom pre-deploys additional storm safety resources to Southern California ahead of extreme weather
- 10xDev Launches in Los Angeles
- City of Long Beach Preparing for Upcoming Weather Event, Urges Residents to Take Precautions
- Jimmy Swinder Launches "Jimmy Swinder Productions," Expanding Creative Reach
- Industrial CNC Machinery automates machining processes with high accuracy and reduced labor costs
- For Nat'l. Novel Writing Month: Check out The Next Big Thing in Entertainment for Books, Movies & TV