Forman Capital has closed a $28.2 million lot development loan for The Highlands, a planned mixed-use community in Marble Falls described as being just outside Austin. The project is located along Manzano Mile at FM 1431 and is planned across 253 acres of currently undeveloped land. Rockspring is identified as both the borrower and the developer for this large-scale community.
The Highlands is planned as a mixed-use development that will combine single-family homes, rental apartments and retail commercial uses. While detailed project phasing and final build-out specifics were not disclosed, the new financing is designated for horizontal development work rather than vertical construction. This stage typically includes site preparation and infrastructure installation, and in this case is described as preceding vertical development by other developers and builders.
According to the details released, the Forman Capital loan will be used to advance horizontal improvements across the 253-acre site. Vertical construction of homes, multifamily units and retail space is expected to be carried out by separate development and building teams once the initial infrastructure is in place. Work associated with the start of this next phase is anticipated to begin in the fall, though a specific date and full construction timeline were not provided.
The financing and planning framework for The Highlands is supported by a Public Improvement District established by the City of Marble Falls. The city has approved both the PID and an associated assessment plan to help fund key infrastructure upgrades within the development. These improvements are expected to include roads, plumbing and public parks, aligning with the community-scale nature of the project. The PID structure is intended to support delivery of these core systems needed for future residential and retail uses across the property.
Forman Capital played the lending role on this transaction, providing the lot development loan that will facilitate the initial infrastructure program. The internal team at Forman Capital that worked on the deal includes Scott Mehlman, Ty Regnier, Brett Forman and Ben Jacobson. Rockspring, as borrower and developer, will oversee the implementation of the horizontal improvements funded by the new loan while preparing the site for subsequent vertical construction by additional parties.
While specific terms of the loan beyond the $28.2 million amount were not disclosed, the closing of this financing and the prior approval of the Marble Falls Public Improvement District and assessment plan together establish a financial and municipal framework for moving The Highlands forward. The combination of private lot development capital and public improvement funding is positioned to underwrite the early-stage infrastructure needed to support future single-family, multifamily rental and retail components within this planned mixed-use community.
