Mesa West Capital has provided Newport Beach, CA-based real estate development and investment firm Sares Regis Group with $65 million in first mortgage debt for the acquisition of a 169-unit multifamily community in Los Angeles’ Mid-Wilshire neighborhood.

Mesa West Capital’s five-year, floating-rating loan is secured by The Preston, a four-story, high-density community located at 630 Masselin Ave. The property features a mix of studio, one and two-bedroom floor plans, and also includes a 336-car parking garage with EV parking stations, pet park, resort-style pool and clubhouse with fitness center.

Sares Regis Group will immediately begin a multi-million-dollar capital improvement campaign focusing on exterior, common area and amenity upgrades to create a more contemporary aesthetic.  The plan also includes renovations to apartment interiors as units roll.

The origination team was led by Mesa West’s Joshua Westerberg out of the private lender’s San Francisco office.

For comments, questions or concerns, please contact Chris Egger