Dealmaker: Mesa West Capital Originates $47M in Austin

(Illustrations courtesy of Mesa West Capital)

Mesa West Capital 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, Texas.

Delivered to market in 2024 by United Properties, Bishop Momo includes a mix of studio and one- and two-bedroom units. The property also includes 5,835 square feet of ground-floor retail space, which is 100% leased to tenants that serve the community.

The asset is within Austin’s St. Elmo District, a 275-acre mixed-use redevelopment that has transformed a former industrial zone into a 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 Austin’s central business district, home to more than 130,000 jobs.

“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. He noted Bishop Momo is a well-located asset that is situated to benefit from these shifting market fundamentals.

Austin ranks 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.

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