Mesa West Capital provided a first mortgage debt worth close to US$60 million to the joint venture of Morgan Stanley Real Estate Investing and The Bascom Group, LLC. The capital will be used to refinance the development of a 406-unit multifamily zone in Waipahu on Oahu. Mesa West Capital is a Los Angeles-based portfolio lender.
Oasis at Waipahu, the joint venture, secured the loan. The development features two and three bedroom townhome-style residences, a pair of swimming pools, a fitness center, a business center, and other recreational areas. The Bascom Group has been associated with the property's possession for almost ten years. The Bascom Group has extensive experience maintaining and improving multifamily properties 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. These improvements will allow the owners to continue to add value to the property which is well located in a strengthening rental market," a Mesa West Capital representative said.
The Bascom Group is a private equity group specializing in mostly real estate-related investments and Morgan Stanley Real Estate Investing is the international real estate investment management unit of Morgan Stanley.
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