Mesa West Capital has provided an affiliate of Houston-based The Dinerstein Companies with $59 million in first mortgage debt for its acquisition of Manor Six Forks, a 298-unit multifamily community in Raleigh, NC, which is now rebranded as “Infinity Six Forks.”
Mesa West’s five-year, non-recourse financing for Manor Six Forks allows Dinerstein to enter the Raleigh market. Brian Hirsh, Mesa West Executive Director, led the Chicago-based origination team with Russell Frahm, Executive Director in Mesa West’s New York office.
“Raleigh is one the fastest growing markets nationally with an increase in high paying professional jobs and an attractive cost of living relative to the gateway markets. We expect high quality, well-located multifamily will continue to be in strong demand as Raleigh continues to grow,” said Hirsh. “Despite increases in Raleigh’s new multifamily supply, net absorption has been positive through the first half of the year,” continued Hirsh. “While many U.S. markets are facing volatility and a variety of headwinds, experienced sponsorship is as important as ever, and we are confident in Dinerstein’s ability to execute on a value-add business plan.”
Manor Six Forks, which was 95% leased at closing, is situated between North Hills and Downtown Raleigh, two of the city’s most dense and dynamic submarkets. Built in 2010 and partially renovated in 2019, the property at 900 E. Forks Road features a mix of one- to three-bedroom floorplans ranging in size from 800 to 1,357 square feet. The highly amenitized community includes a clubhouse, resort-style pool, rooftop lounge and a fitness center.
The financing was arranged by Matt Greer and Andrew Wilson in Newmark’s Austin office.