Mesa West Capital/Morgan Stanley RE Investing Co-Originate $150 MM Mezz Loan on Tacoma Development
The Californer/10273833

LOS ANGELES - Californer -- Investment funds managed by Mesa West Capital ("MWC") and Morgan Stanley Real Estate Investing ("MSREI") have funded a $150 million mezzanine loan to finance an industrial construction project in Tacoma, WA for Bridge Industrial.  The mezzanine loan, along with a $263 million first mortgage construction loan originated by Bank OZK, provided total loan-to-cost financing of 65%.

The five-year interest-only mezzanine loan was co-originated by MWC, a debt investment manager offering owners and investors a wide variety of financial solutions throughout the capital stack to help navigate today's challenging economic environment, and MSREI, the global private real estate investment management business of Morgan Stanley.

The construction project, named Bridge Point Tacoma, is a 2.48 million-square foot Class-A logistics park situated on a 136-acre site off of Interstate 5, six miles from the Port of Tacoma. Bridge Point Tacoma will consist of three cross-docked warehouse and distribution buildings ranging in size from 520,000 to 960,000 square feet along with a 335,000-square-foot, rear-load warehouse building.  Each will be built to Class-A specifications and feature 40-foot clear heights, 130-foot trailer court depths, ample dock high doors and trailer parking.

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"Upon completion, Bridge Point Tacoma will offer tenants premium, Class-A industrial space in an ideal location near the port of Tacoma and Interstate 5," said Mesa West Capital Executive Director Josh Westerberg who led the San Francisco-based origination team along with Associate Jack Condon and Analyst Jacob Rosen. "There is very little supply in the greater Seattle-Tacoma industrial market that offers top-quality Class-A bulk distribution product in a location such as this; Bridge Point Tacoma will command premier rents in the marketplace."

"Bridge Industrial is one of the premier industrial developers in the nation and we're very pleased to be financing such a quality development as Bridge Point Tacoma," added Jack Condon.

"We are excited to be working with such an accomplished developer on this compelling new project and one of the few developments of this scale likely starting this year," said Will Milam, Head of US Investments for MSREI.

The financing was arranged by James Muhlfeld of Eastdil Secured.

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-added 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 300 transactions totaling over $20 billion.

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About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add/opportunistic and regional core real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $53 billion of gross real estate assets worldwide on behalf of its clients.