Mesa West Provides $44 Million Refi for Los Feliz Apartments

The owners of an apartment community in Los Feliz are the latest to score a refinancing loan from Mesa West Capital.

Alliance Residential and PCCP secured a five-year, floating-rate $43.5 million loan from Los Angeles-based Mesa West to refinance the Broadstone Los Feliz residential complex, the Los Angeles Times reported.

Mesa West was interested in Los Feliz’s “combination of a strong cultural scene, limited supply and the unique character of the neighborhood,” Josh Westerberg, Mesa West Capital head of the Western U.S. region, said of the deal, according to the Times. At the same time, the popular Los Angeles neighborhood “continues to experience low vacancy and attractive rent growth,” Westerberg added.

Broadstone Los Feliz has a mix of studio, one- and two-bedroom apartments with access to a rooftop lounge, barbecue area, indoor swimming pool and spa, fitness center and electric vehicle charging stations. The property, at 1800 North New Hampshire Avenue, includes a total of 134 units. The outdoor lounge area offers unobstructed views of the Griffith Observatory and the Hollywood Sign, according to the Times.

The joint venture between Alliance and PCCP acquired the property in 2022 and has invested more than $1 million since then to revamp the common areas and upgrade the interiors of 33 units with hardwood flooring, quartz countertops, stainless steel appliances and new woodgrain cabinets. In total, two-thirds of the units have been renovated; the remaining ones will be renovated within the next two years, according to the Times. At the time of loan closing, the property was 95 percent occupied.

Mesa West has swooped in with eight-figure loans to various residential and commercial ventures in Southern California in recent months.

Earlier this month, Mesa West provided a $68.5 million acquisition loan to Legacy Partners for an apartment community in Azusa. Legacy Partners bought the vacant apartments at 801 East Alosta Avenue from Azusa Pacific University for a total of $91.8 million.

In July, Mesa West lent $55 million to an affiliate of Seaview Investors for the Burton House Beverly Hills hotel. The five-year, first-mortgage deal will continue to fuel operations under the new Tribute brand at the 186-room lodging property, Westerberg said at the time.

— Chris Malone Méndez