CHICAGO—As reported yesterday in GlobeSt.com, the Los Angeles-based Mesa West Capital just opened up a Chicago office, its third nationwide, due to its growing involvement in the region's real estate market. And the firm has also just funded two more loans totaling $60.6 million for the acquisition of several city properties, including a 175-unit apartment community and a four-building office portfolio.

In the larger of the two financings, Mesa West provided CLK Properties with $44.1 million in first mortgage debt for the acquisition and renovation of Elaine Place, nine pre-war walk-ups mostly on the 3400 block of N. Elaine Pl. just blocks from Wrigley Field. Washington, DC-based ASB Real Estate Investments sold the 175-unit portfolio to Woodbury, NY-based CLK for $50.5 million. The purchase was a good example of the desirability of multifamily properties in Chicago. According to Cook County property records, ASB and its partners purchased the collection in late 2012 for just $28.5 million.

CLK has been quite active in the Chicago market, having acquired 12 multifamily properties over the past year. Company officials say they will use a portion of Mesa West's loan proceeds to renovate each of the studio, one- two- and three bedroom apartments in order to capture rent premiums associated with similar properties in the area.