Austin Apartment Investor Snags $47M Refi
United Properties has secured a $47 million refinancing loan for a recently completed 274-unit multifamily community in Austin, Texas. Mesa West Capital provided the funding.
Multihousing News reports the note replaces a four-year, $56 million construction loan originated in April 2022 by Old National Bank.
Located on 2.37 acres at 4341 S. Congress Ave., Bishop Momo came online in 2024 with 5,835 square feet of fully-leased ground-floor retail space. The five-story property has a mix of studio, one- and two-bedroom units ranging in size from 420 to 1,441 square feet. Rents range from $1,024 to $3,287. Ten percent of the units are affordable. Select units have private balconies or patios.
Community amenities at Bishop Momo include a courtyard pool, a spa, a grotto lounge, a fitness center, a business center and a resident lounge with an outdoor deck.
Brian Hirsh and Jonah Sacks of Mesa West Capital led the origination team for the refinancing deal. J
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout