HONOLULU AND LOS ANGELES – Los Angeles-based Mesa West Capital has provided $59.275 million in first mortgage debt to a joint venture of The Bascom Group, LLC and Morgan Stanley Real Estate Investing to refinance a 406-unit multifamily development in Waipahu on the island of Oahu.
Oasis at Waipahu, an 18-acre gated apartment community, secured the loan. The complex features two- and three-bedroom townhome-style apartments, two swimming pools, a fully equipped fitness center, public areas, a children’s playground, and a business center. Historically Oasis at Waipahu has had little vacancy. The Bascom Group, LLC has been involved in the property’s ownership for nearly 10 years and has substantial experience owning and renovating multifamily assets in Hawaii.
“Bascom and Morgan Stanley Real Estate Investing have invested significant capital to upgrade common area amenities and unit interiors and plan to continue this effort by improving the clubhouse and renovating additional unit interiors,” said Jason Bressler of Mesa West Capital who originated the financing. “These improvements will allow the owners to continue to add value to the property which is well located in a strengthening rental market.”
About Mesa West Capital, LLC
Los Angeles‐based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re‐financings and re‐capitalizations on office, retail, industrial, multifamily and hotels in the United States.
About The Bascom Group, LLC
The Bascom Group, LLC (www.bascomgroup.com) is a private equity firm specializing in value‐added multifamily, commercial, and non‐performing loans and real estate‐related investments and operating companies. Bascom sources value‐added and distressed properties, including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional‐quality property management. Bascom has completed over $6.5 billion in multi‐family and commercial value‐added transactions since 1996, including more than 200 multifamily properties and 55,000 units. Bascom currently ranks among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S.
About Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate Investing (MSREI) is the global real estate investment management arm of Morgan Stanley. Established in the early 1990s, MSREI has been one of the most active real estate investors for more than two decades, acquiring over $183 billion of assets in 36 countries. MSREI leverages the expertise, relationships and franchise of Morgan Stanley with dedicated real estate investing professionals located in 15 offices around the world providing acquisition, finance and asset management services. MSREI manages opportunistic and core investment strategies on behalf of its clients, including some of the largest pension funds, sovereign wealth funds and high net worth investors worldwide.