PHOENIX-A joint venture comprised of McCarthy Cook & Co. and Morgan Stanley Real Estate has obtained $40 million loan from Mesa West to capitalize a class A office portfolio here.
The JV acquired the office properties in an all cash deal from Teachers Insurance and Annuity Association of America last October. The four-year loan is typical of many Mesa West loans, which provide 60% to 70% loan-to-value, according to Steve Fried of Mesa West.
“We’re seeing sponsors be more competitive by taking down assets all cash and putting debt on after they’ve closed,” Fried notes.
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