Forman Capital closed a $28.2 million lot development loan for The Highlands, a planned 253-acre mixed-use community located along Manzano Mile at FM 1431 in Marble Falls, just outside Austin. The borrower and developer is Rockspring.
The Highlands stretches along Manzano Mile, encompassing single-family homes, rental apartments and retail commercial uses on undeveloped land. The Forman Capital loan will fund horizontal development in advance of vertical construction, which will be performed by other developers and builders, and is expected to start in the fall. The City of Marble Falls approved the Public Improvement District (PID) and assessment plan to fund critical infrastructure upgrades, including roads, plumbing, and public parks.Â
The Forman Capital team that worked on the transaction includes Scott Mehlman, Ty Regnier, Brett Forman and Ben Jacobson.
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