Mesa West Capital has originated $68.5 million in short-term financing for Legacy Partners and PGIM’s real estate business’ acquisition of a 320-unit multifamily community in Azusa, CA.

The five-year, interest-only, floating-rate loan is secured by University Village, a garden-style apartment community located at 801 East Alosta Avenue, directly across from Azusa Pacific University. The Southern California university, which previously used the property for student housing, sold it to the sponsor who will immediately begin repositioning the asset as a traditional multifamily rental community, which will be rebranded Citrus Place. A portion of the loan proceeds will be used to implement a light value-add strategy that will include upgrades to unit interiors and common area amenities, and address deferred exterior maintenance issues.


Azusa is situated in Los Angeles’ North San Gabriel Valley, roughly 20 miles east of Downtown Los Angeles. It is historically one of the region’s strongest multifamily submarkets. Over the past 12 months, average home prices in Azusa and surrounding communities have risen to approximately $700,000.  This affordability gap, relative to homeownership has reinforced renter demand, particularly for well-located, amenitized communities. According to CBRE research, the North San Gabriel submarket reported a vacancy rate of 3.7% in Q2 2025—half a percentage point lower than the overall Los Angeles market.


“With no new construction projects in the pipeline—helping to alleviate supply-side pressure both now and in the future—along with persistent demand, we expect the local multifamily market to sustain strong fundamentals into the foreseeable future,” said Joshua Westerberg, Head of Originations for the Western Region at Mesa West Capital.

“We expect the sponsor will see strong demand at University Village as they complete the planned capital improvement program.”


Built in 1985, University Village offers a mix of one- and two-bedroom units featuring in-unit washer/dryers, central heating and air conditioning, and oversized balconies on second-story units. Community amenities include 610 parking spaces, gated access, a recreation clubhouse, two outdoor swimming pools, tennis courts, and a basketball court.

The financing was arranged by Ryan Greer, CJ Connolly, and Spencer Beckwith in the Los Angeles office of CBRE.

 Mesa West Capital has provided the partnership of Alliance Residential and PCCP with $43.5 million in short-term, first mortgage debt to refinance Broadstone Los Feliz, a 134-unit multifamily community in Los Angeles. 

Built in 1986, the property is located at 1800 N. New Hampshire in Los Feliz, a popular hillside neighborhood in the greater Hollywood area.   With its renowned cultural landmarks—such as Griffith Park, the Greek Theatre, and the Los Angeles Observatory— a vibrant retail infrastructure and its proximity to major studios and entertainment hubs in Hollywood and Burbank, Los Feliz draws from an eclectic community of affluent and creative individuals. 

“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,” said Mesa West Capital Head of Western Region Josh Westerberg, who led the origination team that included Vice President Hoony Shin.  

The property features a mix of studio, one- and two-bedroom apartment homes and an amenity package that includes a rooftop lounge and barbecue area with unobstructed views of the Griffith Observatory and Hollywood sign, indoor swimming pool and spa, fitness center, and EV charging stations.  Since acquiring the property in 2022, the Alliance-led joint venture has invested more than $1 million to upgrade the common areas and renovate the interiors of 33-units with hardwood flooring, quartz countertops, stainless steel appliances, and new woodgrain cabinets bringing the total of renovated homes to 67%.   The sponsor plans to renovate the remaining 45 classic units within the next two years, which will help drive increased rental rates and allow the property to further compete with other higher quality assets in the market, according to Westerberg.   

The property was 95% occupied at loan closing. 

The five-year, floating rate loan was arranged by the CBRE team of Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly. 

Mesa West Capital (http://www.mesawestcaptal.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago, San Francisco, and Houston, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 450 transactions totaling over $28 billion. 

Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a $56.62 million loan for Mesa West Capital to recapitalize The Easton Riverview, a 300-unit garden-style Class A multifamily community located in South Hillsborough County, approximately 30 minutes south of downtown Tampa, Florida. 

Managing Director Scott Wadler and Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Miami, along with Vice President Bryan Brown of Berkadia Tampa, arranged the financing on behalf of the sponsors, a joint venture between Cross Lake Partners of New York, GreenPointe Holdings of Jacksonville, Florida and Rivers Residential LLC of Atlanta, Georgia. 

Mesa West Capital’s Executive Director Russell Frahm and Vice President Brian Hahn provided a three-year, floating-rate loan. The deal closed on July 22.

“This financing allows the borrower to pay off its construction loan and have prepay flexibility to either sell or place permanent financing at an opportunistic time in the future,” said Wadler. 

Built in 2023 on 15.51 acres at 14471 Stagedoor Johnny Place in the town of Ruskin, The Easton Riverview offers a mix of one-, two-and three-bedroom floor plans ranging from 821 to 1,487 square feet. Community amenities include a pool with cabanas, 24-hour fitness center with yoga room, two dog parks and dog spa, dual EV charging stations, community club room, shuffleboard, storage units and car ports available for rent. 

Conveniently located between I-75 and US-301, The Easton Review is the only apartment community located within the larger 932-acre Belmont mixed-use master-planned community, which features 1,930 single-family homes and townhomes by Lennar, along with an impressive mix of retail, schools and parks. The property is within walking distance to the Belmont Shopping Center and the Goddard School, an early development preschool, is planned just north of the property at the Belmont main entrance. 

About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. 

To learn more about Berkadia, please visit www.berkadia.com.

Mesa West Capital has provided DreamField Capital (DreamField) with $23.4 million in first mortgage debt for its acquisition of a 200-unit multifamily community in Austin, TX.

 
The five-year loan is secured by Nichols Park, a 1980s vintage community located at 5001 Convict Hill Road in the West Oak Hill neighborhood of Southwest Austin.   The property, which features a mix of one- and two-bedroom apartment homes, was 96% occupied at closing.   Amenities include a community lounge and coffee bar, a barbecue and picnic pavilion, a swimming pool with poolside cabanas, a basketball court, and a dog park.
 
With only three of the 200 apartment homes recently renovated, DreamField plans to implement a full-scale renovation of the remaining classic-condition units, according to Brian Hirsh, Head of Mesa West Capital’s Central Region who led the financing along with Vice President Hoony Shin and Associate JJ McMahon.

“The property’s largely unrenovated condition provides a strong opportunity to execute a comprehensive value-add strategy,” said Hirsh. “This will allow DreamField to reposition the asset as a high-quality, cost-effective alternative to newer, more expensive properties in the desirable Southwest Austin submarket.”

A portion of the loan proceeds will be allocated toward upgrading unit interiors, including the installation of vinyl plank flooring, resurfaced cabinetry, solid surface countertops, and modernized fixtures and hardware.

Apartment demand in Southwest Austin, a submarket known for high barriers-to-entry, is strongly supported by the area’s concentration of employers, including the corporate offices of NXP Semiconductors, Abbot Labs and Dimension Fund Advisors.   Additional demand drivers include highly rated public schools, an abundance of dining and shopping, while still being a short commute to downtown Austin.

DreamField, a Los Angeles-based real estate investment firm, has engaged Austin-based RPM Living to manage the property.
 

Mesa West Capital has provided an affiliate of Crow Holdings Capital with $52 million in short-term, floating-rate first mortgage debt to refinance Canyon Reserve at the Ranch, a 256-unit garden-style multifamily community located in the Denver suburb of Westminster, CO.

Built in 1984, the 17-building community was fully repositioned by the Sponsor in 2022.   The property features a mix of one- and two-bedroom apartment homes with modern finishes including stainless steel appliances, in-unit washer/dryers, walk-in closets, and private outdoor spaces. Community amenities include a resort-style swimming pool, an outdoor grilling area, a fitness center and a dog park. 

Located at 2890 W 116th Place with direct access to U.S. Route 36, Canyon Reserve offers residents convenient connectivity to both Downtown Denver and Boulder, as well as proximity to Denver International Airport.  The property also benefits from Westminster’s expansive open spaces, trail systems and regional parks. 

“There is a compelling supply-demand dynamic in Westminster, where new construction has been moderate compared to the significant wave of supply that’s impacted broader Denver,” said Brian Hirsh, Central Region Head of Originations at Mesa West Capital. “With the recent repositioning of the asset and strengthening market fundamentals, the property is well-positioned for outsized performance.”

Mesa West Capital is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago, San Francisco, and Houston, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West’s lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 450 transactions totaling over $28 billion.