AUSTIN, Tex.--Mesa West Capital has providedCapRidge Partners with $12.6 million in firstmortgage debt to finance the acquisition and lease-up ofCanyon at Wild Basin, a 74,580-square-foot class Aoffice complex in Austin. The seller was Boston-basedIntercontinental Real Estate Corp.

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Located at 115 Wild Basin Road with highway frontage along Loop360, the three-story building was developed in 1999 and acquired byIntercontinental two years later. The multitenant building was 81percent leased at closing to a mix of technology and professionalservice firms including Cloud 8 Sixteen,Alliance Association Management Inc. andPowell & Leon.

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“The venture is led by locally based CapRidge Partners which hasa proven track record of acquiring and turning around well located,underperforming properties throughout Texas through efficientmanagement and leasing,” says Mesa West assistant vice presidentJason Bressler, who originated the financing outof the firm's Los Angeles headquarters. “Our financing helped themacquire a quality asset with tremendous upside in a submarket withsingle digit vacancy, limited new supply and a high barrier toentry.”

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According to Bressler, a portion of the loan proceeds has beenearmarked for leasing costs and the Borrower also plans to completecommon area improvements including upgrading the lobby, corridorsand restrooms.

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With this financing, Mesa West has originated $85 million innon-recourse first mortgage debt on commercial real estate assetsin Austin and nearly $400 million throughout Texas.

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Andy Scott and Jim Curtin atHFF in Dallas arranged the financing.

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