Bank OZK, Affinius Capital Provide $84M Construction Loan on Texas Industrial Complex
Lincoln Property Company is building a four-building complex in between Austin and San Antonio
By Brian Pascus October 15, 2024 1:42 pm
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Lincoln Property Company, together with joint venture partner Goldman Sachs (GS), has secured $83.8 million in construction financing to build Waterstone, a four-building industrial development spanning nearly 900,000 square feet in Kyle, Texas, Commercial Observer has learned.
Bank OZK (OZK) made the senior portion of the construction loan, while Affinius Capital provided the subordinate debt on the project. A broker was not named on the transaction.
The debt will be used for principal construction and eventual lease-up of the project.
Affinius Capital Managing Director Tom Burns said in a statement that his firm was attracted to financing a deal that would build an industrial facility along Interstate 35 with “seamless access” to both San Antonio and Austin.
“With this transaction, we are delighted to strengthen and expand our relationship with both Goldman Sachs and Lincoln Property Company,” he added.
Located in Kyle — a city of 45,000 that is part of the greater Austin metropolitan area — Waterstone is expected to feature four buildings with 32-foot to 36-foot clear heights, 232 dock-high doors, 10 drive-in doors, and 994 parking stalls. The complex is 90 minutes south of Downtown Austin and only 30 miles from the Tesla Gigafactory in the state capital.
“Waterstone is ideally positioned in the market to provide opportunity to the growing south I-35 corridor in the greater Kyle/San Marcos region, with the unique ability to serve both Austin and San Antonio,” said Cole Kennedy, a development and acquisitions associate at Lincoln Property Company.
Brian Pascus can be reached at bpascus@commercialobserver.com
