Mesa West also provided a joint venture led by Sunroad Enterprises with $23.5 million in first mortgage debt to finance the acquisition of Sonoma Ridge Apartments, a 240-unit community in the Phoenix suburb of Peoria, AZ. Mesa West's five-year, floating rate loan allowed San Diego-based Sunroad, along with partners Security Properties and Loma Linda University, to acquire the asset. Aldon Cole and Tim Wright in the San Diego office of HFF arranged the financing.

Sonoma Ridge features 18 two-story buildings on a 14.7acre site at 8201 W. Beardsley Road. Offering a mix of one-, two- and three bedroom units, the community has a clubhouse, pool, resident business center, picnic areas, fitness center and racquetball court.

The complex has been institutionally owned and operated since it was developed in 2002. A multi-million capital improvement program to include significant interior unit, exterior and amenity renovations will help the sponsor capture premiums on the current below market rents at the property, according to Bressler.

“Sunroad and Security Partners are good sponsors with significant local experience and a strong business plan to renovate the asset and increase rents,” added Bressler.

SCOTTSDALE, AZ—In two separate transactions, Mesa West Capital has funded $73.3 million in floating rate non-recourse loans secured by multifamily communities. In the larger of the two financings, Mesa West provided a joint venture between Optima and DeBartolo Development with $49.8 million in first mortgage debt to refinance Optima Sonoran Village in Old Town Scottsdale. This is considered the premier multifamily market in the greater Phoenix area and boasts the highest rents in the region.

The loan is secured by the 206-unit first phase of a planned three-phase, high-rise multifamily development. The class-A apartment community located at 6895 East Camelback Rd. across from the 2-million square-foot Scottsdale Fashion Square, features granite countertops, stainless steel appliances, and in-unit washer and dryer. The property shares a 19,000-square-foot resident club with indoor basketball and racquetball courts, fitness center, indoor pool, spa and fully equipped locker rooms. It also includes two outdoor pools, putting greens, fire pits, a picnic area and dog park.

Mesa West's vice president Jason Bressler originated the loan out of the firm's Los Angeles office. Rocco Mandala in the Phoenix office of CBRE arranged the financing.

Bressler tells GlobeSt.com: “Phoenix is an important target market for Mesa West in 2016. We are seeing fundamentals continue to improve with strong demand across all property types. Mesa plans to aggressively pursue additional opportunities to provide owners with needed capital to take advantage of the improving market.

Mesa West also provided a joint venture led by Sunroad Enterprises with $23.5 million in first mortgage debt to finance the acquisition of Sonoma Ridge Apartments, a 240-unit community in the Phoenix suburb of Peoria, AZ. Mesa West's five-year, floating rate loan allowed San Diego-based Sunroad, along with partners Security Properties and Loma Linda University, to acquire the asset. Aldon Cole and Tim Wright in the San Diego office of HFF arranged the financing.

Sonoma Ridge features 18 two-story buildings on a 14.7acre site at 8201 W. Beardsley Road. Offering a mix of one-, two- and three bedroom units, the community has a clubhouse, pool, resident business center, picnic areas, fitness center and racquetball court.

The complex has been institutionally owned and operated since it was developed in 2002. A multi-million capital improvement program to include significant interior unit, exterior and amenity renovations will help the sponsor capture premiums on the current below market rents at the property, according to Bressler.

“Sunroad and Security Partners are good sponsors with significant local experience and a strong business plan to renovate the asset and increase rents,” added Bressler.