Rockspring Capital, a privately-owned real estate investment firm based in Houston, announced today that an affiliate has provided a $7.8 million bridge loan to the new operator of the Harborwalk project, a 550-acre master planned community in Hitchcock, Texas.
The Harborwalk property includes several hundred developed and undeveloped lots, a sales office, a marina which can be expanded, a retail store, a swim center and a yacht club with a restaurant. In addition, 400 acres of land which can be further developed and millions of dollars in municipal utility district receivables were included in the deal.
“We continue to make generational investments in Texas land due to the dislocation in the lending markets, and this loan promises a nice return for our investors because of its high interest rate and low loan to value attributes,” said Jim McAlister IV, President and CEO of Rockspring Capital.
About Rockspring Capital
Rockspring Capital is a Houston-based land investment company founded in 1973, whose strategy is to acquire opportunistic land parcels and residential lots in high growth areas. It also makes special situation bridge loan and note purchases on land-related assets. Rockspring Capital acquires with all cash in markets within the “Texas Triangle” – Houston, Austin, San Antonio and Dallas/Ft. Worth. For more information about Rockspring Capital, visit www.rockspring.com.