AUSTIN, TEXAS — DreamField Capital has landed a $23.4 million first mortgage loan provided by Mesa West Capital for the acquisition of Nicholas Park, a 200-unit community in Austin. The property, which features a mix of one- and two-bedroom units, was 96 percent occupied at closing. Amenities include a community lounge and coffee bar, a barbecue and picnic pavilion, a pool with poolside cabanas, a basketball court and a dog park.
Three out of the 200 units have been recently renovated, and DreamField plans to implement a full-scale renovation of the remaining classic-condition units. A portion of the loan proceeds will be allocated toward these upgrades, which include installation of vinyl plank flooring, resurfaced cabinetry, solid surface countertops and modernized fixtures and hardware.
Brian Hirsh, head of Mesa West Capital’s central region, led the financing along with Vice President Hoony Shin and Associate JJ McMahon. DreamField, a Los Angeles-based real estate investment firm, has engaged Austin-based RPM Living to manage the property.