—Mesa West Capital provided a $32.3 million in first mortgage debt to Benchmark Real Estate Group for its recent acquisition of an East Side apartment building in Manhattan. The loan was secured by 320 East 22nd Street, a 94-unit renal property in Gramercy Park.
The financing was brokered by Jon Estreich and Chris Barnett of Estreich & Co. Inc. Russell Frahm of Mesa West Capital originated the financing for the firm's New York.
Part of the loan proceeds will be used to begin in-unit and building upgrades.
Over the past two years, Benchmark has acquired approximately a dozen properties with an aggregate value of $200 million.