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.

Mesa West Capital has provided a joint venture of ESG Kullen and Angelo Gordon with $49.24 million in first mortgage debt for the recapitalization of a 219-unit multifamily property in Palm Beach County, FL. 

The floating rate loan is secured by Monteverde at Renaissance Park located at 1625 Renaissance Commons Blvd. in Boynton Beach, less than 15 miles south of Downtown West Palm Beach. Built in 2006, originally as condominium, the 2.5-acre property offers a mix of one-, two- and three-bedroom apartment homes housed in three six-story buildings. The Property, which was 91.8 percent leased at closing, offers an attractive array of amenities, including a resort-style pool and jacuzzi, a fitness center, billiard room, outdoor grills, bicycle storage, a gated parking garage and an on-site property manager.

The Property is located in Boynton Beach within the Renaissance Commons master-planned community, which features dining, shopping, entertainment venues and various other retailers. Within a two-mile radius of the community there is more than two million square feet of retail, including Boynton Beach Mall, Renaissance Commons and multiple grocery-anchored centers. 

Driven by the financial, medical and education sectors, Palm Beach County – the third most populous county in the state of Florida – has exceeded 16% population growth since 2010. The county has taken on the moniker of “Wall Street South” due to more than 2,400 financial services firms establishing offices there. Monteverde also benefits from its proximity to five major medical centers (Bethesda Memorial Hospital, JFK Medical Center, Delray Medical Center, Boca Raton Regional Hospital, and West Boca Medical Center) and four major education centers (Palm Beach Atlantic University, Palm Beach State College, Florida Atlantic University, and Lynn University), all within a 20-minute drive. 

“Monteverde offers the sponsor an outstanding value-add opportunity in reimagining the common and amenity spaces to bring them in-line with market current standards,” said Mesa West Executive Director Russell Frahm, who led the New York City-based origination team along with Vice President Brian Hahn and Analyst Jacob Rosen. “In addition, the Property will benefit from strong multifamily demand drivers, including the continued Sun Belt migration, especially to no income tax states like Florida, and greater appeal of multifamily living in this higher interest rate economy.”

Mesa West Capital continues to invest in Palm Beach County, FL with over $310 million in loans originated in West Palm Beach, Delray Beach Boynton Beach and Jupiter in the past 24 months. 

The financing was arranged by Michael Lupo, Principal at CCL Capital. Mesa West Capital was represented in the transaction by the legal team led by Mark Osher, Eric Steiglitz, and Zak Baron from Gibson, Dunn & Crutcher LLP.

Mesa West Capital has provided Sares Regis Group with $139.88 million in first mortgage debt for its acquisition and repositioning of a 386-unit multifamily property in Broomfield, CO. 

The five-year, floating rate loan is secured by Terracina Apartments located at 13620 Via Varra Road in the Denver metro area. Built in 2010, the 16.5-acre community offers a variety of one- and two-bedroom apartment homes housed in four four-story residential buildings. The community features a wide range of amenities including a pool and hot tub, a clubhouse and fitness center, co-working lounge, dog park and pet wash, fire pit and grilling area, and outdoor games area. 

A portion of the loan proceeds will help to fund the sponsor’s capital improvement plan that will feature upgrades to unit interiors as well as the renovation of the community’s common areas.

Terracina Apartments is well situated between Denver and Boulder, site of the state’s flagship university, the University of Colorado. Located close to U.S. 36 and rapid transit, the property draws from the Mile High City’s major growth and Boulder’s tech and life sciences sectors.

“Broomfield is uniquely positioned between Denver and Boulder, pulling from those major economic engines with more affordable housing options,” said Mesa West Capital Executive Director Josh Westerberg, who led the origination team out of the private lender’s San Francisco office.  “The area’s consistent annual rent growth is proof of that attractive market dynamic. The planned capital improvements for Terracina Apartments will add even more value to this property.”

Over the last decade, Broomfield has experienced tremendous growth, outperforming surrounding metro Denver cities. In particular, skilled millennials are drawn to its high quality of life and much lower housing costs, according to Westerberg. Terracina Apartments offers residents quick connections to Broomfield’s major employers, including Vail Resorts, VMware, OpenText, Crocs, Trimble and SCL Health. Also, Oracle leases more than 1 million square feet across six buildings in the city. 

Terracina Apartments was 95.1 percent leased at closing.

The financing was arranged by Brian Torp, Managing Director in the Orange County office of Jones Lang LaSalle.