New York, NY – February 7, 2011 – (RealEstateRama) — Mesa West Capital has provided the new owners of 5 Hanover Square in Lower Manhattan with $47 million in first mortgage financing secured by the 25-story, 333,000 square-foot office building, according to Mesa West Principal Raphael Fishbach who originated the financing.
NYC-based real estate firm Savanna, acquired the mortgage at a discount on the building in September 2010 from Capital One Bank in an all cash deal. Subsequent to purchasing the mortgage, Savanna was able to negotiate a deed in lieu with the previous owner to obtain fee title to the building. Savanna will use the proceeds from the recapitalization for costs associated with lease up and to complete a renovation to certain parts of the building.
“Savanna has an excellent business plan and the new financing provides capital to reposition the building in an improving market,” says Fishbach who heads Mesa West’s New York City office and directs its East Coast originations.
“Mesa West continues to expand our platform on the east coast and we are delighted to have closed our first transaction in New York City and with such a strong sponsor”.
In the past six months, Mesa West has deployed more than $500 million in commercial real estate debt financings.
About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a capital base of more than $2 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 Savanna
Formed in 1992, Savanna is an institutional real estate private equity firm and asset management company based in New York City. The firm pursues opportunistic real estate equity and debt assets throughout the northeastern United States with a focus on directly owning and operating properties in New York City and the Washington, D.C. metro area. Since inception, Savanna has invested in over 14 million square feet of real property across multiple asset classes and locations.
For more information, please visit www.savannafund.com.
Contact:
Bruce Beck (805) 777-7971; bruce (at) dbrpr (dot) com
