Mesa West provides $76m construction loan for office tower
A joint venture of an affiliate of American Real Estate Partners and developer Oliver Tyrone Pulver Corp (OTPC) has received a $76.5 million loan from Mesa West Capital for the construction of Seven Tower Bridge, a 260,000-square-foot class A office building in the Pennsylvania borough of Conshohocken, located 10 miles north of Center City Philadelphia. Seven Tower Bridge is the last in a series of buildings developed by OTPC and its affiliates within the 45-acre, 1.4 million-square-foot master-planned, mixed-use Tower Bridge development and the first new office project in Conshohocken since 2002.
The three-year floating rate is one of the few construction loans originated by Mesa West Capital in its 15-year history, according to director and head of the Chicago office Matthew Snyder, who originated the financing.
“As a relationship lender, we are looking at ways to provide a wider variety of financial solutions to meet our clients’ business objectives, including construction financing in the right situations,” said Snyder. . “There were several significant factors leading to the decision to fund this construction loan, among them that Seven Tower Bridge has experienced exceptional leasing momentum to-date with 55 percent of the NRA already preleased before going vertical.
“Conshohocken also is a desirable suburban office location that continues to outperform Center City Philadelphia in long-term rent growth and occupancy. With nothing in the pipeline and very little office product added in recent years, Seven Tower Bridge will be well positioned as the premier office building in the submarket when delivered in 2020,” he added.