Mesa West originates $33m loan for acquisition of Austin apartment community

Mesa West Capital has provided Austin-based real estate investment firm Wildhorn Capital with $33.5 million in short-term, first-mortgage debt for the acquisition of a 284-unit multifamily community in Austin.

The five-year, floating-rate loan is secured by Patten East, a low-density garden-style community located in the southeast Austin submarket of East Riverside, three miles from the city’s central business district. While the property has been well maintained by the seller, Greensboro, N.C.–based Hawthorne Residential Partners, Patten East represents an attractive value-add opportunity in one of the fastest-growing rental markets in Austin, according to Brian Hirsh, vice president, who led the origination team out of Mesa West Capital’s Chicago office.

“The story is similar to other major markets around the United States experiencing strong population and job growth, in which renters are being priced out of some of the core urban locations and seek more aff