Mesa West Refis L.A. Apartments With $44M Loan

A joint venture between Alliance Residential and PCCP has landed a $43.5 million loan to refinance a multifamily asset in Los Angeles, Commercial Observer has learned. 

Mesa West Capital provided the five-year, floating-rate loan for the 134-unit Broadstone Los Feliz property acquired by the Alliance-led JV in 2022. The financing was originated by Josh Westerberg, Mesa West’s head of Western region, and Hoony Shin, vice president.

“The combination of a strong cultural scene, limited supply and the unique character of the neighborhood, Los Feliz continues to experience low vacancy and attractive rent growth,” Westerberg said in a statement. 

CBRE arranged the transaction with a team consisting of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly.

Located at 1800 North New Hampshire Avenue in L.A’s Los Feliz neighborhood north of East Hollywood, the 1986-built property is 95 percent occupied with a mix of studio, one- and two-bedroom apartments. Community amenities include a rooftop lounge with views of the Hollywood sign, a swimming pool, a spa, a fitness center and electric vehicle charging stations. 

Since acquiring the property three years ago, the sponsorship has invested more than $1 million to upgrade the common areas and renovate the interiors of 33 units. Owners plan to renovate another 45 units within the next two years, to help drive increased rental rates to compete with other “higher quality” multifamily assets in the L.A. region, according to Westerberg.  

Officials at Alliance Residential, PCCP and CBRE did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.