Dealmaker: Mesa West Capital Originates $134M to Refinance Student Housing Community

(Illustration courtesy of LV Collective)

Mesa West Capital provided LV Collective with $133.9 million in short-term first mortgage debt to refinance Rambler Athens, a 750-bed student housing property next to the University of Georgia in Athens, Ga.

The four-year loan refinanced the construction loan on the property, which delivered in August 2024 before the start of the 2024/2025 academic year.

Rambler Athens amenities include a resort-style pool and hot tub, sun deck with jumbotron, collaborative workspaces and study rooms and a secured access parking garage. The ground floor also includes a café, Daydreamer Coffee.

Mesa West Executive Director Brian Hirsh said the property has robust pre-leasing momentum for the 2025/2026 academic year. Hirsh led the origination team out of the private lender’s Chicago office with Executive Director Russell Frahm in New York and Associate Jonah Sacks in Chicago.

“We continue to see a growing market opportunity in the student sector, driven by strengthening fundamentals. The University of Georgia has experienced healthy enrollment trends with a notable increase in applications in recent years,” Hirsh said.

Harrison Reid of TSB Capital Advisors arranged the financing.