Mesa West Finances Off-Market TOD Buy

SUNNYVALE, CA-Los Angeles-based Mesa West Capital has provided an affiliate of Palo Alto, CA-based Dostart Development Co. LLC with senior debt financing for its off-market acquisition and planned renovation of a vacant 95,000-square-foot technology-oriented office building in Sunnyvale, CA. The loan was secured by 222 Caspian Dr., formerly occupied by Veritas Software Corp., which vacated the property soon after merging with Symantec in 2007.   

A portion of the loan proceeds will be used by the borrower to undertake a significant capital improvement plan to reposition the asset as a “first-to-lease building” in a strong, supply-constrained submarket, according to Mesa West principal Ronnie Gul, who originated the financing.