Rockspring Capital, a privately-owned real estate investment firm, today announced that it received payoff on a discounted note it acquired from a bank on Jan.13, 2012 on behalf of an affiliate of Opportunity Land Fund No. 7, LP.
The mortgage was secured by a 6-acre land parcel in Houston’s Texas Medical Center adjacent to another property owned by the same affiliate on Grand Boulevard, just south of Old Spanish Trail.
“This discounted note purchase exemplified Rockspring Capital’s creative investment strategy of understanding the value of the underlying land collateral, thoroughly underwriting the risks associated with the borrower and acquiring the investment with all cash in a short amount of time,” said Jim McAlister IV, President and CEO of Rockspring Capital. “This transaction allowed our investors to realize a nice profit and a more than 200 percent net internal rate of return, one of the highest in the 40-year history of the company.”
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.