Updated Apr 14, 2026
Byron Smith's XSpace Group Secures $29 Million Construction Loan For Development Site In Houston
7022 Old Katy Road
$29,000,000
Units
84
Asset Type
Development Site
Closing
Apr 13, 2026
About this deal
AI
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.
On the Map
$29,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93