Mesa West Capital Originates $29.7 Million Loan for Acquisition of NC Apartment Community
The Californer/10348945

LOS ANGELES - Californer -- Mesa West Capital has provided McDowell Properties with a $29.7 million first mortgage loan to acquire and renovate a 194 unit garden style multifamily community in Cary, North Carolina.

The five year, non recourse loan is secured by The Ellery of Cary, located at 100 Hempstead Ct. in the North Cary/Morrisville submarket, positioned directly between Raleigh and Durham. Built in 1988 on nearly 19acres, The Ellery of Cary offers a mix of one  and two bedroom floor plans averaging 875 square feet. Units feature stainless steel appliances, laminate flooring, walk in closets, private balconies, and in unit washers and dryers. Community amenities include a swimming pool with sun deck, 24 hour fitness center, dog park, outdoor courtyard with fire pits and grills, and walking trails with direct access to the Black Creek Greenway.

The Ellery of Cary is supported by strong demand drivers, primarily its central location near Interstate 40, with access to the region's famed Research Triangle.  This area offers approximately 400,000 jobs across technology, life sciences and healthcare that are all within a 20-minute drive of the property.

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The immediate area also has more than 3.4 million square feet of community-serving retail, entertainment and dining located within a three-mile radius.

According to a 2025 Axios report, the Raleigh metro area's population grew 10.2% between 2020 and 2024, far outpacing the national average of 2.6% and making it one of the fastest growing metros in the country.

While the prior owner completed several capital improvements in recent years, including a new roof, exterior upgrades and common area enhancements, all of the units remain in original condition, presenting a compelling value add opportunity for the sponsor.

"In place rents are well below those of renovated comparable properties in the submarket, providing a significant opportunity to drive rental growth," said Josh Westerberg, Mesa West Capital's Head of the Western Region, who led the origination team out of Los Angeles alongside JJ McMahon. "With the recent supply wave moderating, a declining development pipeline and continued population growth in the market, we believe sustained renter demand can support the sponsor's ability to successfully execute their business plan."

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The financing was arranged by Trevor Brotman, Tricia Linden, and Kara Profitt out of Walker & Dunlop's Irvine office.

About Mesa West Capital, LLC
Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago, San Francisco, and Houston, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004.