April 28, 2015 – Rockspring Capital, a privately-owned real estate investment firm based in Houston, announced today that it was paid in full on a $7.1 million bridge loan by the owner and operator of the Harborwalk project, a 550-acre master planned community in Galveston County, Texas.
“This deal is a win-win for all parties,” said Jim McAlister, President and CEO of Rockspring Capital. “The operator was able to quickly get the capital needed to secure this highly-valued asset during a time U.S. financiers were strict on giving loans, which in turn provided our investment partners a nice return upon the payoff.”
Rockspring announced the bridge loan deal in May 2012. The Harborwalk property includes several hundred developed and undeveloped lots, a sales office, a marina that can be expanded, a retail store, a swim center and a yacht club with a restaurant. In addition, the property has 400 acres of land that can be further developed and millions of dollars in municipal utility district receivables that were included as collateral for the loan.
McAlister concluded, “This bridge loan pay off is a great representation of our strategy to further diversify our portfolio beyond direct land investments, which creates increased security for our fund and investment partners.”