Source: Mesa West Capital / #Multifamily #Finance
LOS ANGELES, CA - Mesa West Capital has provided $59.3 million in mortgage debt to a joint venture of The Bascom Group LLC and Morgan Stanley Real Estate Investing to refinance the Oasis at Waipahu, a 406-unit apartment complex in Waipahu in Central Oahu.
Oasis at Waipahu, an 18-acre gated apartment community, secured the loan. The complex features two and three bedroom townhome style apartments, two swimming pools, a fully equipped fitness center, public areas, a children’s playground, and a business center. Historically Oasis at Waipahu has had little vacancy. The Bascom Group, LLC has been involved in the property’s ownership for nearly 10 years and has substantial experience owning and renovating multifamily assets in Hawaii.
“Bascom and Morgan Stanley Real Estate Investing have invested significant capital to upgrade common area amenities and unit interiors and plan to continue this effort by improving the clubhouse and renovating additional unit interiors,” Los Angeles-based Mesa West Capital Associate Jason Bressler said in a statement. “These improvements will allow the owners to continue to add value to the property which is well located in a strengthening rental market.”
Los Angeles based Mesa West Capital is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re financings and re capitalizations on office, retail, industrial, multifamily and hotels in the United States.