Marcus & Millichap’s IPA Capital Markets Arranges $29 Million in Construction Financing for Houston Multi-Use Industrial Condominium Development
April 17, 2026
DALLAS, April 17, 2026 - IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $29 million in construction financing for the development of an 84-unit lifestyle industrial development in the NW Inner Loop submarket of Houston, Texas.
The IPA Capital Markets team was led by Adam Mengacci and Travis Headapohl in the firm’s Dallas office, and Matt Polci in the firm’s New York City office. IPA Capital Markets represented XSpace Group to secure nonrecourse financing for the development of XSpace’s second industrial development in Texas.
“My IPA colleagues and I are proud to have successfully secured construction financing for this visionary XSpace industrial project in Houston,” said Mengacci. “We look forward to seeing XSpace transform the industrial landscape in other U.S. markets and are honored to have played a key role in bringing this project to life.
Dubbed “Lifestyle Industrial,” XSpace is designed to bridge the gap between industrial, flex, warehouse, office, retail, and entertainment. Built either in or within proximity of urban centers, XSpace is a community-driven, high-end, flexible industrial space that offers users the ability to own their own space. XSpace is the first adaptation of this concept in the U.S., but follows a proven model established and popularized in Australia.
“This financing reflects strong confidence in XSpace, our Houston vision, and the broader demand for flexible, community driven commercial space,” said Byron Smith, founder of XSpace Group. “With this loan secured, we’re moving full speed ahead on bringing our next generation project to life and strengthening our footprint across Texas.”
The IPA Capital Markets team was led by Adam Mengacci and Travis Headapohl in the firm’s Dallas office, and Matt Polci in the firm’s New York City office. IPA Capital Markets represented XSpace Group to secure nonrecourse financing for the development of XSpace’s second industrial development in Texas.
“My IPA colleagues and I are proud to have successfully secured construction financing for this visionary XSpace industrial project in Houston,” said Mengacci. “We look forward to seeing XSpace transform the industrial landscape in other U.S. markets and are honored to have played a key role in bringing this project to life.
Dubbed “Lifestyle Industrial,” XSpace is designed to bridge the gap between industrial, flex, warehouse, office, retail, and entertainment. Built either in or within proximity of urban centers, XSpace is a community-driven, high-end, flexible industrial space that offers users the ability to own their own space. XSpace is the first adaptation of this concept in the U.S., but follows a proven model established and popularized in Australia.
“This financing reflects strong confidence in XSpace, our Houston vision, and the broader demand for flexible, community driven commercial space,” said Byron Smith, founder of XSpace Group. “With this loan secured, we’re moving full speed ahead on bringing our next generation project to life and strengthening our footprint across Texas.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.