United Properties Finalizes $47M Refinancing for Bishop Momo in Austin’s St. Elmo District

United Properties secures a $47M Mesa West Capital loan for Bishop Momo, a 274 unit Austin community, amid a shifting Texas multifamily market landscape.

By: AXL Media

Published: Apr 16, 2026, 3:40 AM EDT

Source: Multi-Housing News

The Transaction and Capital Structure

The $47 million refinancing package represents a critical transition for United Properties as Bishop Momo moves past its initial delivery phase. Mesa West Capital provided the short-term mortgage, which was utilized to retire a $56 million construction loan originated by Old National Bank four years ago. By securing this new facility, the developer gains additional flexibility to manage the property’s lease-up and stabilization in a high-interest-rate environment. The deal was spearheaded by Mesa West’s central region origination team, highlighting continued institutional interest in Austin’s core submarkets despite broader sector headwinds.

Strategic Positioning in the St. Elmo District

Bishop Momo is a cornerstone of the St. Elmo District, a 275-acre industrial-to-mixed-use redevelopment that has become a focal point for Austin's "live-work-play" urban strategy. The five-story building features 5,835 square feet of ground-floor retail space, which is already 100 percent leased, providing a diversified income stream beyond residential rents. Located near Interstate 35 and the South Congress corridor, the property offers direct access to the Austin central business district's 132,000 jobs. This location-driven strategy aims to capture the "lifestyle" renter segment that prioritizes walkability and proximity to employment hubs.

Sustainability and Modern Amenity Mix

Reflecting modern ESG (Environmental, Social, and Governance) trends, Bishop Momo incorporates significant green infrastructure, including a solar panel array and a green roof system designed to offset energy costs. The 274-unit community offers a mix of studio to two-bedroom floorplans, with 10 percent of the units designated as affordable housing to comply with local municipality incentives. High-end interior finishes, such as quartz countertops and hardwood flooring, are complemented by unique community spaces like a "grotto lounge" and a courtyard pool, positioning the asset at the top of the South Austin rental market.