Mesa West Capital Originates $47 Million Loan to Refinance Austin Apartment Community

AUSTIN, Texas - Rezul -- Mesa West Capital has provided a joint venture led by United Properties with $47 million in short-term, first-mortgage debt to refinance Bishop Momo, a recently completed 274-unit multifamily community in Austin, TX.

Delivered to market in 2024 by United Properties, Bishop Momo offers a mix of studio and one- and two-bedroom units. High-end interior finishes feature quartz countertops, stainless steel appliances, hardwood flooring and in-unit washer/dryers. Community amenities include a courtyard pool, grotto lounge, fitness center and a resident lounge with an outdoor deck. The property also includes 5,835 square feet of ground-floor retail space, which is 100% leased to community-serving tenants.

The asset is situated within the St. Elmo District, a 275-acre mixed-use redevelopment that has transformed a former industrial zone into a premier live-work-play destination. St. Elmo currently encompasses 223,000 square feet of office, retail, dining and entertainment, with roughly 900,000 additional square feet still planned. Nearby Interstate 35 provides direct access to the Austin Central Business District, home to approximately 132,000 jobs.

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"We are seeing the supply-demand imbalance in Austin pivot in a favorable direction as new starts slow significantly," said Brian Hirsh, Head of Mesa West Capital's Central Region, who led the origination team out of Chicago along with Jonah Sacks. "Bishop Momo is a high-quality, well-located asset that is well situated to benefit from these shifting market fundamentals."

"We are thrilled to be partnering with Mesa West on the financing of Bishop Momo," said Victor Young, Senior Vice President and Austin Market Lead for United Properties. "We have worked extremely hard to create a unique multifamily asset, and we view Mesa West as the perfect partner to help position the property for its next stage of ownership."

Austin continues to rank among the fastest-growing metropolitan areas in the country, supported by a business-friendly environment and a diverse economic base spanning healthcare, technology and manufacturing. According to the U.S. Census Bureau, Austin's population grew 3.3% from April 2020 to July 2024.

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The financing was arranged by Chris McColpin of Newmark's Austin office.

About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago, San Francisco, and Houston, 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 and 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.