Mesa West Capital Funds $81 Million Loan to Refinance 313-Unit Multifamily Community in Houston

CHICAGO - Rezul -- Mesa West Capital has provided Knightvest Capital with $81 million in first mortgage debt to refinance Domain Memorial, a 313-unit townhome rental community in Houston, TX.

Built in 2016, Knightvest acquired the property from the developer in 2022. Located at 14800 Memorial Drive in Houston's Briar Forest/West Memorial submarket, the community offers a mix of one- , two- , and three-bedroom two-story townhomes with an average size of 1,300 square feet, housed in 29 residential buildings on a 12.7-acre site.

During its ownership, Knightvest has implemented extensive interior renovations across a majority of units, along with exterior and common area upgrades including improvements to the parking lot, installation of a new EV charging station, enhanced lighting and landscaping, and updates to the clubhouse, pool area and fitness center.

A portion of the proceeds from the five-year, floating-rate loan will be used by Knightvest to complete the interior renovations that have resulted in increased occupancy and meaningful rent premiums during its hold period. The property is currently 95.2% occupied.

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Domain Memorial benefits from strong demand drivers including its proximity to the Energy Corridor, which is home to 111,000 jobs making it Houston's third largest employment center. Additionally, the property is served by the A-rated Spring Branch School District and more than 2 million square feet of retail, dining and entertainment options within a five-mile radius.   With abundant retail and recreational amenities including more than 500 acres of parkland, the area has become a top destination for homebuyers, which has created demand for cost-effective rental solutions with more space like Domain Memorial.

"Since acquisition, Knightvest has driven meaningful rent growth through strategic capital investment and hands-on management," said Brian Hirsh, Head of Mesa West Capital's Central Region, who led the origination team out of Chicago along with Jonah Sacks. "We expect this trend to continue as Knightvest finishes the final phase of the business plan and demand for townhome product in the market continues to grow."

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About Mesa West Capital, LLC
Mesa West Capital (www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 450 transactions totaling over $28 billion.