Updated Aug 20, 2025
DreamField Capital Secures $23.4 Million Loan From Mesa West Capital For 200-Unit Multifamily Property
5001 Convict Hill Road
$23,400,000
Units
200
Asset Type
MultiFamily
Closing
Aug 18, 2025
About this deal
AI
The transaction involves a 200-unit multifamily property located at 5001 Convict Hill Road in the Austin market. The property is undergoing a five-year debt acquisition and renovation process, enhancing its facilities while targeting the high demand supported by local employers and amenities.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $23,400,000
- Lender: Brian Hirsh, JJ McMahon & Hoony Shin - Mesa West Capital
- Landlord: DreamField Capital
- Units: 200
The deal is significant as it is backed by Mesa West Capital, which provides financial support for DreamField Capital's plans to upgrade the largely unrenovated community. The loan will facilitate interior enhancements and a full-scale repositioning of the property to meet market demands.
Players
Austin MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93