LOS ANGELES AND NEWPORT BEACH, CA—Mesa West Capital has originated the first loan from its Mesa West Real Estate Income Fund III, providing an affiliate of Emmes Asset Management with $55 million in first mortgage debt to recapitalize a 376,000 square-foot Class A office complex in Newport Beach, CA.

The property, constructed in 1979 and located at 4000 MacArthur Boulevard, comprises two 10-story institutional quality office buildings with 19,000 sf floor plates. Emmes recently completed a multimillion dollar renovation of the property that included a redesign of the building lobby and entry façade, a new full-service café and outdoor patio on the ground floor, major improvements to the building systems as well as other common area upgrades.

“Emmes was able to acquire an institutional quality asset in a top Southern California location and is repositioning it to take advantage of a lack of large contiguous blocks of quality space and an improving rental market in Orange County,” said Jason Bressler of Mesa West Capital. “They have a tremendous track record in realizing the investment potential in transitional assets, especially here in Orange County.”