United Properties Refis Austin Property for $47M
The community came online in 2024.
United Properties has secured a $47 million refinancing loan for Bishop Momo, a recently completed 274-unit multifamily community in Austin, Texas. Mesa West Capital provided the short-term, first mortgage financing.
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, with an average of 823 square feet. Rents range from $1,024 to $3,287, with a mean of $2,020, according to Yardi Matrix data. Ten percent of the units are affordable.
Apartment interiors include quartz countertops, stainless steel appliances, hardwood flooring and in-unit washers and dryers. Select units have private balconies or patios.
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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. The property also has 361 parking spaces available in a multi-level structure with electric charging stations. The property also has a green roof, with some of its electricity coming from a solar panel array.
Bishop Momo is situated in the St. Elmo District, a 275-acre mixed-use redevelopment that has transformed a former industrial zone into a live-work-play destination. St. Elmo currently encompasses 223,000 square feet of office, retail, dining and entertainment space, with about 900,000 square feet planned. The property is near Interstate 35, which provides direct access to the Austin central business district, home to approximately 132,000 jobs.
Based in Minneapolis with an office in Austin, United Properties has a second multifamily development in Austin. Shelby Ranch, located at 2210 Lynnbrook Drive, has 302 units with a mix of studio, one-, two- and three-bedroom floorplans. The firm also develops senior living, industrial, retail, office and mixed-use properties.
Brian Hirsh, head of Mesa West Capital’s central region, led the origination team for the refinancing deal out of the Chicago office. Jonah Sacks, a Mesa West Capital associate, was also part of the effort.
Growing market with shifting fundamentals
Deliveries in Austin hit a new peak last year, with 30,002 units completed, according to Yardi Matrix’s March multifamily report for Austin. The pipeline remains robust for 2026, with 22,602 units underway. However, new construction overall fell 18.9 percent year-over-year in 2025, the report stated. Meanwhile, investment volume improved to $1.3 billion in 2025, below the decade average. The average price per unit rose 2.1 percent to $176,871 last year, according to Yardi Matrix.
Average advertised asking rents were down 5.0 percent year-over-year, to $1,492 as of January, compared to the national average which rose 0.2 percent to $1,841.
The city continues to rank among the fastest-growing metropolitan areas in the U.S., due to its business-friendly environment and a diverse economic base that spans healthcare, technology and manufacturing. Austin’s population grew 3.3 percent from April 2020 to July 2024, according to the U.S. Census Bureau.
