Crestline Investors, Patmos Capital Partners Close $36.2M Construction Loan for Holigan Investments' Maranello Luxury Auto Garages in Plano

Crestline Management, L.P., operating as Crestline Investors, has closed a $36.2 million senior construction loan alongside Patmos Capital Partners to Dallas-based developer Holigan Investments, the firm announced. Proceeds will fund construction of Maranello Luxury Auto Garages in Plano, Texas, an 80-unit garage condominium community for car collectors.

The loan is part of a larger $58.7 million financing package for the project. PACE Loan Group provided a separate $22.5 million commercial property assessed clean energy (C-PACE) facility alongside the senior debt from Crestline and Patmos.

Maranello Luxury Auto Garages Project Details

Maranello, also referred to as Maranello Luxury Garages, will be a fully indoor, climate-controlled community built on 11.7 acres in Plano. It will include 80 individually owned garage condominiums, a one-acre turf courtyard for car shows and owner events, an owners' lounge, and an on-site service center for Ferrari, Porsche, Maserati and Lamborghini vehicles.

The site is just off the President George Bush Turnpike and near several of North Texas's luxury car dealerships. Project materials list the address as 4501 Mapleshade Lane, and the site is at or near the northeast corner of Mapleshade Lane and Ohio Drive. The planned facility is two stories and is described as a 255,000-square-foot project in the financing announcement, which also cites approximately 7,000 square feet of offices and 28,000 square feet of retail and auto-shop space.

The project is scheduled as a 2026 development. Because the units are intended to be individually sold, the condominium structure shifts the business model from recurring storage rent toward unit sales and ownership. Holigan Investments cited strong pre-sales in connection with the financing.

Financing Structure: Crestline, Patmos and PACE Loan Group

Crestline and Patmos Capital Partners are providing the senior construction debt. The $36.2 million loan equals roughly 49.6% of the reported $73 million total project cost. Combined with the $22.5 million C-PACE facility, total debt represents approximately 80.4% of project cost. On the 255,000-square-foot figure, the total financing equates to approximately $230 per square foot, while the senior loan equals about $142 per square foot.

In Texas, C-PACE can finance qualifying energy and water improvements and may fund up to 35% of a new-construction project's capital stack. For Maranello, the C-PACE proceeds support improvements including the building envelope, lighting, HVAC and low-flow plumbing systems. The sustainability measures are expected to reduce annual energy consumption by approximately 28% and water use by approximately 14%. C-PACE also provides long-term, fixed-rate financing and can reduce the need for more expensive mezzanine debt or additional equity.

Executive Comments on the Maranello Loan

"Maranello is a differentiated concept for car enthusiasts, located near many of Dallas' highest-net-worth households. Given strong pre-sales and a product offering new to Texas, Crestline was pleased to partner with Holigan and Patmos to advance construction," said Wes Davidson, Director at Crestline.

"Crestline and Patmos understood what we are building at Maranello and moved quickly to get us to closing. We are excited to start construction and deliver a unique experience for Texas car collectors," said Michael Holigan, Owner of Holigan Investments.

"Maranello brings together a strong sponsor, an exceptional location and a clear base of buyer demand, and we are pleased to partner with Crestline again to bring it to life," said Cole Jones at Patmos.

"Marinello's use of C-PACE should serve as a model for unique projects across the country. I have no doubt their customers will be thrilled with the facility and its efficient systems," said Robbie Pinkas, Senior Vice President of Originations at PACE Loan Group.

C-PACE Expands Into Specialty Property Types in Texas

The transaction reflects the broader expansion of Texas C-PACE into property types beyond conventional office, multifamily and industrial assets. Lone Star PACE reported $64.8 million of Texas PACE financing across six projects during the first half of 2026, supporting approximately $279 million of commercial real estate investment across hospitality, retail, industrial, data-center and specialty developments.

Maranello is targeting a narrow segment of automobile collectors seeking secure, climate-controlled storage with ownership, social and service components. Earlier project descriptions referred to garage units ranging from approximately 1,000 to 2,000 square feet, along with a 13,000-square-foot lounge and a 60,000-square-foot event concourse, though the later financing description provides different amenity measurements. An earlier description also cited 79 units; the financing announcement cites 80.

About the Firms Involved

Crestline is a global alternative investment management firm founded in 1997 and based in Fort Worth, Texas, with affiliate offices in London, New York, Tokyo and Toronto. The firm has approximately $18 billion of credit assets under management as of June 30, 2026, across its capital solutions, direct lending and portfolio finance platforms. Crestline operates as part of Rithm Capital Corp. (NYSE: RITM).

Holigan Investments was founded in 1981 and has invested in and developed real estate in Texas, Tennessee, Utah, Missouri, Michigan, Oklahoma, Colorado and North Carolina, specializing in residential, commercial and agricultural investments. Patmos Capital Partners is a Texas-based investment firm focused on real estate credit investments across the U.S. PACE Loan Group provides direct C-PACE financing to commercial property owners, with capital from funds managed by AB CarVal, a part of AllianceBernstein.

Sources

Crestline Investors, "Crestline Announces $36.2MM New Senior Secured Construction Loan to Holigan Investments for Maranello Luxury Auto Garages": https://www.crestlineinvestors.com/news-insights/crestline-announces-36-2mm-new-senior-secured-construction-loan-to-holigan-investments-for-maranello-luxury-auto-garages/