Holigan Investments has finalized $58.7 million in construction financing for a condominium project in Plano, Texas, that integrates residential living with high-end automotive facilities. The development, named Maranello Luxury Garages, is designed to accommodate vehicle collectors and enthusiasts through customizable garage units.
The capital stack consists of a $36.2 million senior loan provided by Crestline Management and $22.5 million in Commercial Property Assessed Clean Energy debt from PACE Loan Group. This combination allows the project to utilize C-PACE financing, which can cover up to 35 percent of the capital stack for new construction in Texas.
According to PACE Loan Group, the sustainability features funded by the C-PACE portion are projected to lower annual energy consumption by 28 percent and reduce water usage by 14 percent. Lee McCormick, president of Lone Star PACE, stated that the project would achieve meaningful reductions in resource use over time.
The 80-unit development is situated at 4501 Mapleshade Lane, located approximately 20 miles north of Downtown Dallas. In addition to the residential units, the site will include 7,000 square feet of office space and a 28,000-square-foot retail and automobile shop area.
Michael Holigan, CEO of Holigan Investments and owner of NASCAR and AMA Supercross/Motocross race teams, noted that this represents his first venture into luxury garage condominiums. He explained that the development team sought to lower capital costs to ensure the viability of the first-of-its-kind project.
