Mesa West Capital has provided a joint venture between affiliates of Toll Brothers, Inc. and Carlyle with an $81 million loan to refinance Emblem 120, a 289-unit mid-rise multifamily property in the Boston suburb of Woburn, MA. 

Developed and delivered in 2022 by Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc., the six-story property features a mix of studio, one-, two- and three-bedroom residences.   Among the many amenities at Emblem 120 are a central courtyard, outdoor pool with cabanas, work-from-home space, rooftop terrace and lounge, and a multi-level fitness center.  At street level, the property also features 9,390 square feet of retail and access to surface and covered parking.   

Located at 120 Commerce Way, Emblem 120 benefits from numerous demand drivers, including a strong regional employment base, a vast array of nearby retail and dining options and walkability to Anderson Regional Transportation Center, a transit hub providing commuter access to Downtown Boston and Logan International Airport.

“Emblem 120 is a high-quality multifamily asset built by an experienced developer, and supported by Greater Boston’s robust economy and a Woburn location that offers excellent local and regional access,” said Mesa West Capital Vice President Pamir Niaz, who originated the financing along with colleagues Matthew Snyder and Jacob Rosen.   “We believe the property will continue to perform given the area’s limited future supply pipeline, coupled with ongoing demand for desirable multifamily housing from a deep and well-employed renter base.”

The financing was arranged by Newmark’s Boston Debt & Structured Finance team led by David Douvadjian, Timothy O’Donnell, and David Douvadjian, Jr. 

Mesa West Capital has provided American Real Estate Partners (AREP) with a $26.1 million mezzanine loan to facilitate the conversion of a 200,000-square-foot office building into a 199-unit multifamily community in Old Town Alexandria, VA, a thriving historic community less than eight miles south of Washington, DC.

The five-year interest-only mezzanine loan was originated by investment funds managed by Mesa West Capital, a debt investment manager offering owners and investors a wide variety of financial solutions throughout the capital stack to help navigate today’s challenging economic environment. The loan is part of an overall debt package that provided 67.5% loan-to-cost financing with a $61.8 million first mortgage construction loan originated by Bank OZK. 

Built in 1984, the seven-story 1101 King Street is located in Old Town Alexandria, a historic and highly desirable submarket of Washington, DC. The sponsor will transform the former office building, and reposition as City House Old Town, a best-in-class residential product in the heart of Old Town Alexandria. The luxury community will offer seven floorplans ranging from 572-square foot junior one-bedroom units to 1,394-square foot three bedroom, two-and-a-half bathroom units. Each apartment home will feature 9-foot ceilings and condo-quality finishes, including stainless steel appliances, quartz countertops and custom closets. The majority of the homes will feature expansive open-air terraces. Resident amenities will include a landscaped courtyard garden and roof top deck, lobby lounge, private club suite, fitness center, pet spa and concierge services.  

“The transaction presented an opportunity to originate a moderate leverage mezzanine loan on a multifamily property located in the high barrier to entry market of Old Town Alexandria,” said Mesa West Executive Director Matt Snyder, who helped lead the Chicago and New York-based origination team along with Vice President Brian Hahn and Associate Jonah Sacks. “This has created a huge supply/demand imbalance for renters who want to take advantage of the neighborhood’s historic charm, strong retail amenity base and easy commute to Washington, DC and the area’s other major employment hubs.”  

The financing was arranged by Joe Donato, Kevin Ridgway and Andrew Gaffney of Newmark. 

Mesa West Capital has provided an affiliate of Houston-based The Dinerstein Companies (“Dinerstein”) with $59 million in first mortgage debt for its acquisition of Manor Six Forks, a 298-unit multifamily community in Raleigh, NC, which is now rebranded as “Infinity Six Forks.” 

Mesa West’s five-year, non-recourse financing for Manor Six Forks allows Dinerstein to enter the Raleigh market. Brian Hirsh, Mesa West Executive Director, led the Chicago-based origination team with Russell Frahm, Executive Director in Mesa West’s New York office.   

“Raleigh is one the fastest growing markets nationally with an increase in high paying professional jobs and an attractive cost of living relative to the gateway markets. We expect high quality, well-located multifamily will continue to be in strong demand as Raleigh continues to grow,” said Hirsh. “Despite increases in Raleigh’s new multifamily supply, net absorption has been positive through the first half of the year,” continued Hirsh. “While many U.S. markets are facing volatility and a variety of headwinds, experienced sponsorship is as important as ever, and we are confident in Dinerstein’s ability to execute on a value-add business plan.” 

Manor Six Forks, which was 95% leased at closing, is situated between North Hills and Downtown Raleigh, two of the city’s most dense and dynamic submarkets. Built in 2010 and partially renovated in 2019, the property at 900 E. Forks Road features a mix of one- to three-bedroom floorplans ranging in size from 800 to 1,357 square feet.   The highly amenitized community includes a clubhouse, resort-style pool, rooftop lounge and a fitness center.   

The financing was arranged by Matt Greer and Andrew Wilson in Newmark’s Austin office. 

Mesa West Capital has provided an affiliate of Houston-based The Dinerstein Companies (“Dinerstein”) with $59 million in first mortgage debt for its acquisition of Manor Six Forks, a 298-unit multifamily community in Raleigh, NC, which is now rebranded as “Infinity Six Forks.” 

Mesa West’s five-year, non-recourse financing for Manor Six Forks allows Dinerstein to enter the Raleigh market. Brian Hirsh, Mesa West Executive Director, led the Chicago-based origination team with Russell Frahm, Executive Director in Mesa West’s New York office.   

“Raleigh is one the fastest growing markets nationally with an increase in high paying professional jobs and an attractive cost of living relative to the gateway markets. We expect high quality, well-located multifamily will continue to be in strong demand as Raleigh continues to grow,” said Hirsh. “Despite increases in Raleigh’s new multifamily supply, net absorption has been positive through the first half of the year,” continued Hirsh. “While many U.S. markets are facing volatility and a variety of headwinds, experienced sponsorship is as important as ever, and we are confident in Dinerstein’s ability to execute on a value-add business plan.” 

Manor Six Forks, which was 95% leased at closing, is situated between North Hills and Downtown Raleigh, two of the city’s most dense and dynamic submarkets. Built in 2010 and partially renovated in 2019, the property at 900 E. Forks Road features a mix of one- to three-bedroom floorplans ranging in size from 800 to 1,357 square feet.   The highly amenitized community includes a clubhouse, resort-style pool, rooftop lounge and a fitness center.   

The financing was arranged by Matt Greer and Andrew Wilson in Newmark’s Austin office. 

Mesa West Capital has provided Atlanta-based real estate investment firm Audubon with a $71.5 million first mortgage, floating-rate loan secured by The Cooper, a 344-unit multifamily community in Mount Pleasant, South Carolina, a prominent suburb of Charleston.  

Proceeds from the financing repaid an existing loan and feature a future funding component to complete ongoing in-unit and community-wide renovations, including the reconstruction of 16 units that were fire-damaged in October 2019, prior to Audubon’s ownership. 

The Cooper was built in 1986 and acquired by Audubon in December 2020.  Since its acquisition, Audubon has significantly increased cash flow and occupancy through property upgrades and institutional management.  Improvements to-date have included the renovation of a majority of the property’s units along with updates to the community’s amenities and a refresh of building exteriors.  

“While the property received minimal upgrades prior to Audubon’s ownership, it continued to attract tenants due to its prime location within Mount Pleasant, a premier suburb of Charleston,” said Mesa West Capital’s Executive Director Russell Frahm, who led the New York-based origination team with Vice President Pamir Niaz.  “Additionally, the capital improvements program executed by Audubon further strengthened the property’s already competitive position within the submarket, evidenced by strong renter demand and continued rent growth.” 

Sitting on a 30+ acre site located at 331 Harbor Pointe Drive, The Cooper features a mix of floor plans ranging from one to three bedrooms, all with private patios or balconies.  Common area amenities include a resort-style swimming pool, fitness center, and dog park.  The Cooper is situated near the base of the Ravenel Bridge, providing quick, convenient access to downtown Charleston, and is walkable to nearby retail such as Harris Teeter, Trader Joe’s and Whole Foods.  Furthermore, the community offers a short drive to Shem Creek, a waterfront food and beverage destination, and Sullivan’s Island Beach. 

The financing was arranged by CBRE’s Richard Jordan out of Atlanta.

Mesa West Capital has provided Atlanta-based real estate investment firm Audubon with a $71.5 million first mortgage, floating-rate loan secured by The Cooper, a 344-unit multifamily community in Mount Pleasant, South Carolina, a prominent suburb of Charleston.  

Proceeds from the financing repaid an existing loan and feature a future funding component to complete ongoing in-unit and community-wide renovations, including the reconstruction of 16 units that were fire-damaged in October 2019, prior to Audubon’s ownership. 

The Cooper was built in 1986 and acquired by Audubon in December 2020.  Since its acquisition, Audubon has significantly increased cash flow and occupancy through property upgrades and institutional management.  Improvements to-date have included the renovation of a majority of the property’s units along with updates to the community’s amenities and a refresh of building exteriors.  

“While the property received minimal upgrades prior to Audubon’s ownership, it continued to attract tenants due to its prime location within Mount Pleasant, a premier suburb of Charleston,” said Mesa West Capital’s Executive Director Russell Frahm, who led the New York-based origination team with Vice President Pamir Niaz.  “Additionally, the capital improvements program executed by Audubon further strengthened the property’s already competitive position within the submarket, evidenced by strong renter demand and continued rent growth.” 

Sitting on a 30+ acre site located at 331 Harbor Pointe Drive, The Cooper features a mix of floor plans ranging from one to three bedrooms, all with private patios or balconies.  Common area amenities include a resort-style swimming pool, fitness center, and dog park.  The Cooper is situated near the base of the Ravenel Bridge, providing quick, convenient access to downtown Charleston, and is walkable to nearby retail such as Harris Teeter, Trader Joe’s and Whole Foods.  Furthermore, the community offers a short drive to Shem Creek, a waterfront food and beverage destination, and Sullivan’s Island Beach. 

The financing was arranged by CBRE’s Richard Jordan out of Atlanta.