Bayview PACE Provides $15.6 Million in C-PACE Financing for Bryan TX Office Property Anchoring 350-Acre Mixed-Use Lake Walk Development
Coral Gables, FL and Bryan, TX (Dec. 1 2025) – Bayview PACE, a division of Bayview Commercial Mortgage Finance, today announced the closing of $15.6 million in total C-PACE financing for The Lumin, a key five-story office building with ground-floor retail plus an associated garage in the popular Lake Walk community of Bryan, TX. The 103,000 square-foot Class-A office building at 4100 Lumin Way in Bryan is situated in the fast-growing Bryan/College Station metropolitan area centrally located northwest of Houston and northeast of Austin and featuring a strong jobs base, services industries and a thriving, major economic driver — Texas A&M University, the nation’s third-largest public university.
The project’s owner developer is Bryan-based William Cole Companies, founded in 1996 by company president Spencer Clements. The diversified real estate development and management firm has a strong focus on hospitality, residential, and master planned communities including the 350-acre Lake Walk master development, wherein the new office building is being built.
Lake Walk is home to multiple large-scale employers including FUJIFILM Biotechnologies, Capital Farm Credit, and BlueForge Alliance. Lake Walk’s hospitality and retail tenants include The Stella Hotel, Kanji Sushi, The Board Room by Graze and Gala, Woodhouse Spa, and 6 Whiskey. The development’s adjacent Lake Walk at Traditions multifamily community includes 972 units, currently 94.7% occupied. Lake Walk tenants and visitors enjoy access to 3.5 miles of walking trails, multiple parks and ponds, and other amenities.
Construction of The Lumin is now underway and slated for completion in Spring 2027. The general contractor is Vaughn Construction, one of Texas’ largest contractors. Leasing is handled by Cushman Wakefield.
“We are proud to partner with William Cole Companies for this beautiful new Class-A property providing a great workplace within the amenity-rich Lake Walk community,” said Jeff Klar, Vice President of Coral Gables, FL-based Bayview PACE. “Our C-PACE financing’s flexible and efficient structure underscores the value of C-PACE in facilitating major new developments.”
As part of the broader capital planning effort, Foundry Commercial’s Investment Advisory Group helped evaluate and structure the creative financing approach that aligned with the project’s goals while helping to mitigate the risks commonly associated with speculative office development.
“We are grateful to William Cole Companies for entrusting Foundry to support their capital needs on such a meaningful project,” said Beth Lambert, Executive Vice President with Foundry Commercial’s Investment Advisory Group. “This financing structure offered a compelling way to bring additional leverage to the deal at a lower cost than equity, which was especially beneficial given the complexities of building a spec office in today’s environment.”
Bayview’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations. C-PACE financings to date in the U.S. exceed well over $10 billion, according to the C-PACE Alliance. It has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them.
The Bryan/College Station office market has demonstrated strength particularly for office buildings over 50,000 square feet and rated three stars or more having a weighted average occupancy of 93% according to CoStar.
About Bayview PACE
Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, provides creative financing solutions that combine C-PACE lending with construction and bridge capital. Unlike most PACE-only providers, Bayview PACE partners with commercial property owners and developers to deliver a full capital stack solution. © 2025 Bayview PACE. All rights reserved. For more information, visit Bayviewpace.com. www.nmlsconsumeraccess.org
About Foundry Commercial
Foundry Commercial is a full-service commercial real estate services and investment company operating across office, industrial, retail, multi-family, healthcare, religious, and not-for-profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by more than 4,000 associates operating from 12 markets, providing leasing and management on more than 77 million square feet and over 4,590 seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment sale transactions annually. Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.8 billion in joint ventures with many of the best-known institutional investors in the country. For more information, visit www.foundrycommercial.com.