Updated Dec 16, 2025
Bayview PACE Secures $15.6 Million Loan For Development Site At 3989 North Shore Drive
3989 N Shore (Pvt) Dr
$15,600,000
Building Size
—
Asset Type
Development Site
Closing
Dec 12, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 3989 North Shore Drive in Bryan. The site is designed for a speculative office project named The Lumin, encompassing a total building size of 103,000 square feet and set within the 350-acre Lake Walk development. The project will include ground-floor retail space and an onsite parking garage, with expectations for completion by spring 2027.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,600,000
- Lender: Bayview PACE
- Landlord: Spencer Clements - William Cole Companies
The financing transaction was secured by Bayview PACE, which has provided $15.6 million in C-PACE financing for the project. This funding will support the construction of the development site, contributing to the expansion of office space in the Bryan market.
On the Map
$15,600,000
Development Site
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Players
Bryan Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93