Raphael Fishbach, Steve Fried and Ronnie Gul

Stability reigns in uncertain times, and Mesa West’s flexible, opportunistic approach to lending has served it well.

“We’ve been around for 20 years, and the thesis has been pretty consistent, which is to be a bank alternative, and to lend to institutional owners on quality real estate in good markets,” said Ronnie Gul, who serves as co-CEO with Raphael Fishbach. “When you have periods of dislocation, it’s an opportunity to lean into the type of quality sponsors that we like to finance, because, ultimately, groups are looking for certainty of execution, and they want a reliable counterparty that understands how to navigate market dislocations and turbulence.”

Mesa West originated $1.5 billion in loans that the company takes almost a point of pride in describing with words like “straightforward” and “unsexy,” prioritizing calm stability over marquee announcements.

The firm’s transactions for 2024 included a $53 million construction loan for a 291,000-square-foot industrial building in New Jersey, an $81 million loan to refinance a 289-unit multifamily community in a Boston suburb, and a $47 million loan to refinance a 219-unit senior housing community in Richmond, Va.

Gul noted that Mesa West has had a long-term focus on multifamily, hospitality and student housing, but the addition of senior housing and industrial to the company’s priority list has grown with the sectors over the past few years.  

All told, with Mesa West continuing to emphasize the placement of flexible capital, the most important products it has to offer borrowers right now are stability and trust.

“What we’ve found, having navigated the Great Financial Crisis and the recent market dislocations, is that in periods like these people tend to coalesce around their trusted counterparties,” said Gul.