Mesa West Capital, a debt fund manager and portfolio lender, provided a $283.3 million loan for Brightstone Capital Partners and Artisan Realty Advisors’ recent $400 million purchase of the Lantana Media Campus in Santa Monica, the company said Monday. The partners bought the property from Atlanta-based Jamestown.
The seven-year, floating rate non-recourse financing will go towards the the acquisition and renovation of the 478,713-square-foot office complex, which comprises four Class A office buildings on a 12-acre site on Olympic Boulevard and Exposition Boulevard.
“The principals of Brightstone and Artisan have previously executed value-add business plans on high-quality assets throughout the country,” said Steve Fried, who led the origination team for Mesa alongside Jason Bressler. “We are confident in their ability to do the same with the Lantana Media Campus, a landmark asset in the supply-constrained Santa Monica market.”
Brightstone and Artisan plan to renovate the lobbies, elevators and restrooms of the complex. Brightstone is backed by Chinese developer China Vanke Co.
Current tenants of the complex include Dick Clark Productions and fitness brand Beachbody.
The sale price penciled out to $825 a square foot, making it one of the priciest transactions ever to close in Santa Monica.