SAN FRANCISCO—In separate dealings, Mesa West Capital has funded two loans totaling $51.4 million for the acquisition and renovation of multifamily properties in the San Francisco Bay area cities of Larkspur and Palo Alto.

“The San Francisco Bay Area continues to be a desirable and liquid multifamily market with tight vacancy rates and strong fundamentals,” said Mesa West principal Ronnie Gul. “In particular, Larkspur and Palo Alto are highly desirable submarkets given limited supply and robust demand.”

In the larger of the two financings, Mesa West provided Palo Alto-based Pacific Urban Residential with a $31 million first mortgage loan for the acquisition of Park Towers. Built in 1964, Park Towers is a six-story apartment building located at 535 Everett, within walking distance to University Avenue and Stanford University. The building features 42 studio and 48 junior one-bedroom apartments ranging in size from 443 square feet to 606 square feet, each with their own large balcony. Other amenities include subterranean parking, pool and fully equipped gym.