About this Property in Austin, TX

In June 2022, the borrower acquired a nearly 4-acre lot and initiated the process to change its zoning from residential to industrial, addressing the growing demand for industrial space in the area. During the rezoning efforts, local regulations allowed for the construction of one of six planned industrial storage warehouses. In 2023, the borrower successfully built a 5,000 SF facility, which is currently occupied by a market-rate tenant. To support the borrower’s ongoing project and their commitment to construct additional warehouses, Enact Partners provided a bridge loan. This financing gives the borrower the necessary time to secure approvals for the remaining five industrial storage buildings. Once approvals are obtained, the borrower plans to secure vertical construction financing, which will be used to repay our loan.