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August 18, 2011

Legacy Partners and Mesa West

Mesa West Capital has funded a loan to recapitalize an office portfolio that includes the Seattle Post-Intelligencer Building, and Buildings C and E in Quadrant Willows Corporate Center in Redmond. Legacy Fund II, a $457.9 million discretionary co-mingled investment fund of Legacy Partners and Brookfield Asset Management, received $90 million from Mesa West to recapitalize a six-property portfolio. The new non-recourse loan and additional capital provided by Brookfield, was used to purchase debt back at a discount and put new debt in place to stabilize the properties. The assets were acquired by Legacy Fund II in 2007, and have a occupancy rate of 70 percent. Mesa West Principal Steve Fried originated the financing.




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