SAN DIEGO—Mesa West Capital has provided an affiliate of The Emmes Group with $130 million in first mortgage debt to recapitalize 1 Columbia Place, a 556,000-square-foot class A office complex in downtown San Diego.

A majority of the proceeds from the five-year, non-recourse loan will be used to refinance the CMBS loan Emmes assumed when it acquired the 27-story high rise in 2012. Funds have also been earmarked for additional leasing costs and to continue Emmes' capital improvement program that will complete a $20 million renovation and repositioning of the re-named Columbia Center located at 401 W. A Street.

“Emmes acquired an iconic building and transformed it into one of the most desirable places to work in downtown San Diego,” said Mesa West principal Steve Fried who led the origination team. “The building is approximately 80% leased and with the majority of the vacancy on full upper floors, the asset is well positioned to take advantage of the significant recent renovation and strong location in one of downtown San Diego's key growth corridors."