FOSTER CITY, CA-Locally based Legacy Partners and Boston-based Rockpoint Group have landed loans totaling $122.4 million for the recapitalization of a West Coast office portfolio and the acquisition of a vacant office campus in the Silicon Valley in two separate financings funded by Los Angeles-based Mesa West Capital.

Legacy Fund II, a $457.9-million discretionary comingled investment fund of Legacy Partners and new joint venture partner Brookfield Asset Management, received $90 million in short-term first mortgage financing from Mesa West to recapitalize a six-property portfolio that included five commercial office buildings and one industrial property. The new non-recourse loan provided by Mesa West, along with additional capital provided by joint venture partner Brookfield, was used to purchase the portfolio's debt back at a discount and put new debt in place to provide more time and capital to continue to stabilize the properties.

The assets total approximately 915,000 square feet and include the Seattle Post Intelligencer Building in Downtown Seattle; Stanford Place III in Denver; San Mateo Plaza in San Mateo, CA; and Quadrant Willows Corporate Center Buildings C and E in Redmond, WA. The assets, which were acquired by the Legacy Fund II in 2007, have a collective occupancy rate of 70%.