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Mesa West Capital, a debt fund manager and portfolio lender, supplied an affiliate of Equus Capital Partners with $72.1M in short-term debt to buy and modernize the 300K SF Legacy Place office campus in West Plano.
Located on 15.3 acres at 5700-5800 Tennyson Parkway, the 21-year-old office campus features two six-story buildings with 27K SF floor plates and two parking structures.
Using financing provided by Mesa West Capital, Equus Capital's affiliate purchased the buildings and plans to use the rest of the funds to renovate the buildings' lobbies, elevators, HVAC systems and common areas while also improving on-site amenities to compete with luxury products sitting in the same West Plano business corridor.
“Legacy Place I and II are high-quality physical assets that will be significantly improved with the sponsor's capital plan,” Mesa West Capital Vice President Brian Hirsh said. “This building modernization program will allow these buildings to directly compete with other Class-A offerings in Legacy, a submarket that has been experiencing robust tenant demand."
In what has been described as the ninth inning (or even overtime) of the ongoing real estate cycle, Mesa West Capital just completed several active months, with the firm originating more than $820M in first mortgage debt on loans ranging from $18M to $155M and covering a wide variety of property types.
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