INCREF Backs $51.2M Loan on Two San Antonio Industrial Parks
One Oct. 21 loan secures both M&W and Eastwood Industrial Parks, not two separate $51.2M loans.
Two San Antonio industrial parks now sit behind a single $51.2 million loan, not two. Bexar County Clerk records show 2203 FM LP and 4271 Dividend LP each signed a deed of trust on Oct. 21, 2026, both recorded Oct. 22, both naming INCREF Investments NM Seller LLC as lender. Each filing describes one secured loan to the borrowers in the “aggregate original principal amount” of up to $51,230,000.00. That is one cross-collateralized loan recorded on two instruments, not two separate debts.
Why it matters
A skim of the two doc IDs in isolation could read as $102.46 million in combined new industrial debt. The record does not support that. One lender extended one loan against two collateral parcels, M&W Industrial Park and Eastwood Industrial Park, and recorded a deed of trust at each property to perfect its lien. The lender itself is notable: INCREF Investments NM Seller LLC is tied to Invesco Commercial Real Estate Finance Trust, Invesco Real Estate’s private credit fund for accredited investors. For San Antonio industrial owners, it is a sign that institutional credit is still lending against Bexar County industrial product.
The numbers
The loan carries an aggregate original principal amount of up to $51,230,000, per both deeds of trust. It is secured by two properties: M&W Industrial Park No. 2, Lot 1, Block 2 (NCB 17996), borrower 2203 FM LP, instrument 20260207433; and Eastwood Industrial Park #1, Lots 5 and 6, Block 4 (NCB 13006), borrower 4271 Dividend LP, instrument 20260207422. Both instruments were dated Oct. 21, 2026, and recorded Oct. 22, 2026.
What’s next
Neither Bexar deed names an operating developer behind the borrower entities, and a Texas deed of trust carries no sale price, so the loan’s purpose, refinance, acquisition or recapitalization, is not yet on the public record. The next filings to watch are any release of lien, substitution of lender, or a subsequent deed of trust referencing the same collateral, which would show whether INCREF’s position gets refinanced or expanded. More on the metro’s industrial pipeline: San Antonio market page.
On the record
Primary record
- Public recordThe two Oct. 22 Bexar County filings carry identical "aggregate original principal amount" language and the same $51,230,000 figure tied to the same lender, confirming this is one loan secured by both parks rather than two loans totaling $102.46M.View the record on bexar.tx.publicsearch.us
- Our coverageINCREF Investments NM Seller LLC traces to Invesco Commercial Real Estate Finance Trust (INCREF), Invesco Real Estate's non-traded credit REIT, not an independent local lender.View the record on fa-mag.com
- Bexar County Clerk (publicsearch)Deed of Trust, instrument 20260207422, 4271 Dividend LP to INCREF Investments NM Seller LLC