Emmes Takes $130M Refi for 1 Columbia

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.