Byron Smith's XSpace Group Secures $29 Million Construction Loan For Development Site In Houston

A construction loan of $29 million was secured for the development site located at 7022 Old Katy Road in Houston. The loan will finance XSpace Group’s 84-unit “lifestyle industrial” development, which merges warehouse, office, retail, and flex space to meet the demand from urban-adjacent, owner-users.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $29,000,000
• Loan Type: Construction
• Loan Terms: Nonrecourse
• Landlord: Byron Smith - XSpace Group
• Brokers: Adam Mengacci & Travis Headapohl - Institutional Property Advisors; Matthew Polci - Marcus & Millichap

IPA Capital Markets, a division of Marcus & Millichap, arranged the financing for XSpace Group, marking its second project in Texas that advances its hybrid industrial concept within The Woodlands submarket.