Rockspring Capital, a privately-owned real estate investment firm based in Houston, announced today the purchase of a non-performing note secured by a six-acre land parcel in Houston’s Texas Medical Center by one of its affiliates.
The investment was made on behalf of Rockspring Capital’s seventh fund, Opportunity Land Fund No. 7, L.P. The parcel is adjacent to another property owned by an affiliate of Rockspring Capital on Grand Boulevard, just south of Old Spanish Trail.
“The Texas Medical Center is one of the fastest growing employment centers in the U.S., and the bank sold the note to us because of our ability to close quickly with all cash, our local market expertise and our existing land ownership in the area,” said Jim McAlister IV, President and CEO of Rockspring Capital. “Once resolved with the borrower, this creative acquisition will provide a nice profit for our investors.”
About Rockspring Capital
Rockspring Capital is a Houston-based land investment company founded in 1973, whose strategy is to acquire opportunistic land parcels and residential lots in high growth areas. It also makes special situation bridge loan and note purchases on land-related assets. Rockspring Capital acquires with all cash in markets within the “Texas Triangle” – Houston, Austin, San Antonio and Dallas/Ft. Worth. For more information about Rockspring Capital, visit www.rockspringcap.com.