HOUSTON--Rockspring Capital, a privately-owned real estate investment firm based in Houston, has announced that it was paid in full on a $7.1 million bridge loan by the owner and operator of the Harborwalk project, a 550-acre master-planned community in Galveston County.

“The booming submarkets surrounding Texas' four major cities are full of opportunity, and jumping on this deal quickly was a natural fit for our strategy,” Jim McAlister, president and CEO of Rockspring Capital, told GlobeSt.com. “This was a great opportunity for the Rockspring team to get our feet wet in the Bay area and are excited to continue monitoring for diverse opportunities like these across the state in 2015.”

Rockspring announced the bridge loan deal in May 2012. The Harborwalk property includes several hundred developed and undeveloped lots, a sales office, a marina that can be expanded, a retail store, a swim center and a yacht club with a restaurant. In addition, the property has 400 acres of land that can be further developed and millions of dollars in municipal utility district receivables that were included as collateral for the loan.

“This bridge loan pay-off is a great representation of our strategy to further diversify our portfolio beyond direct land investments, which creates increased security for our fund and investment partners,” McAlister says.