Legacy, Rockpoint Secure $122M in Financing

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.