Mesa West Capital Provides $77M Loan for Apartment Community in Delray Beach

Mesa West Capital has provided a privately held real estate management and development firm with $77 million in first mortgage debt to fund its recent acquisition of Alta Congress, a 369-unit multifamily property in Florida’s Palm Beach County.

The attractive employer base in both the immediate and surrounding areas play a large role in the increasing apartment demand in Delray Beach according to Mesa West VP Brian Hirsh, who led the origination team out of the private lender’s Chicago office.

“The existing Class A multifamily inventory in Delray Beach is extremely limited and the barriers to entry for new supply in the market are high,” said Hirsh. “With the Palm Beach metro experiencing significant population and job growth resulting partly from the migration of people from highly dense urban areas, this well-located asset is expected to continue to perform well during the sponsor’s hold period.”