Closed Real Estate Debt Investment

Lighthouse Fund 4 – Thomas Ranch

Austin MSA

First-lien senior loan financing infrastructure development - utilities and site preparation - for 424 residential lots covering 147.9 acres within Thomas Ranch. At full build-out, Thomas Ranch is expected to include approximately 3,500 residential units and 250,000 square feet of retail and dining space, along with educational facilities, specialized healthcare services, and a cultural center.

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Investment
Debt (Senior Loan)
Location
Austin MSA
Asset class
Single Family Residential
HC2 participation
$18,400,000
Units/Beds
424 residential lots
I-956F project approval issued by USCIS
I-956F project approval issued by USCIS

The Opportunity

Why we invested

HC2's $18.4 million senior loan represents just 40% of the $44.07 million project budget. The loan holds a first-priority mortgage on 50.6 acres containing 190 residential lots. The recourse loan is further backed by budget and completion guarantees from a financially strong guarantor, and Burnet County's rural designation provides EB-5 investors reserved visas and priority processing, with 294 projected jobs against 220 required.

Our portfolio showcases our ability to uncover unique opportunities, navigate complex transactions, and deliver strong, risk-adjusted returns for our partners.
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Execution

Our role in the deal

Sourcing

We identify high-quality assets in supply-constrained markets and partnering with proven operators.

Asset Management

We provide investors quarterly reports, market updates, construction camera access, and audited financials.

Underwriting team

Gabriel Hidalgo, Doug Conner and Jim Crigler review and underwrite every HC2 Capital investment together.

Meet the team

The property

Project gallery

  • The Thomas Ranch site in the Texas Hill Country, near Lake Travis.
    The Thomas Ranch site in the Texas Hill Country, near Lake Travis.
  • The Thomas Ranch master plan: 2,200 acres and roughly 3,500 residential units at full build-out.
    The Thomas Ranch master plan: 2,200 acres and roughly 3,500 residential units at full build-out.
  • River frontage within the Thomas Ranch development.
    River frontage within the Thomas Ranch development.
  • Golf course and preserved hillside at Thomas Ranch.
    Golf course and preserved hillside at Thomas Ranch.
  • Preserved hill country and water frontage across the Thomas Ranch land.
    Preserved hill country and water frontage across the Thomas Ranch land.
  • Rendering of a residence planned for Thomas Ranch.
    Rendering of a residence planned for Thomas Ranch.

Related investments

Other HC2 Capital positions in the same development.

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Investors

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