One of South Congress’s newest apartment communities just landed a fresh stack of financing. United Properties has secured a $47 million refinance for Bishop Momo, the five-story, 274-unit complex on South Congress Avenue that opened in 2024. The new loan from Mesa West Capital replaces earlier construction financing and gives the owner more room to maneuver as market conditions keep shifting. It is another sign that lenders still have an appetite for newly delivered Austin product, even as deal volume and underwriting standards keep tightening.
The Deal Behind the Refi
Mesa West Capital provided the short-term, first-mortgage financing, according to PRLog, with Newmark’s Austin office arranging the transaction through broker Chris McColpin. As reported by ConnectCRE, the new note replaces a four-year, $56 million construction loan that was originated in April 2022.
Inside Bishop Momo
Located at 4341 S. Congress Ave., Bishop Momo sits on roughly 2.37 acres and offers a mix of studio, one- and two-bedroom apartments across five stories, according to United Properties. The community’s leasing site lists amenities that include a courtyard pool, a grotto lounge, a fitness center and an outdoor resident deck. Street-level retail was fully leased at delivery, giving the property some built-in foot traffic and a little extra ballast for the cash flow.
Why Lenders Are Still Biting
“We are seeing the supply-demand imbalance in Austin pivot in a favorable direction as new starts slow significantly,” Brian Hirsh of Mesa West said in the lender’s release, and United Properties’ Victor Young called Mesa West “the perfect partner” to help position the asset for its next stage of ownership, per PRLog. The lender’s announcement also pointed to recent population growth and local demand as the backdrop for continued investor interest in Austin.
What It Means for Renters and Investors
ConnectCRE notes that unit sizes at Bishop Momo range from roughly 420 to 1,441 square feet, with rents reported between about $1,024 and $3,287, and that 10 percent of the units are income-restricted. That mix, combined with fully leased ground-floor retail and a stabilized lease-up, helps explain why the owner opted for a short-term refinance that shores up cash flow while longer-term capital options or a potential sale are weighed.
