Mesa West Capital has recently provided $34 million in short-term first mortgage debt to an affiliate of the Matan Companies for their acquisition of Deepwater Industrial Park in Richmond, VA. The complex, which consists of a 202,176-square-foot building currently leased to Lowes Pro Supply and a vacant 119,470-square-foot building at 2301 Commerce Rd., was built in May 2023. It is also adjacent to a fully-leased facility measuring over one million square feet.
According to Matthew Snyder, executive director at Mesa West Capital who led the origination team based in Chicago, the industrial market in Richmond has been thriving due its strategic location and connectivity options. He believes that Deepwater’s top-of-the-line specifications and prime location along I-95 will attract strong interest from potential tenants looking for space within this market.
The financing for this acquisition is non-recourse with a term of five years and was arranged by Drake Greer from JLL. This transaction showcases Mesa West Capital’s expertise as well as their commitment towards providing tailored financial solutions for commercial real estate investments across various markets.
