The man in his 20s was found nailed to a fence, with a nail through each hand, shortly after midnight.
Two vans, one belonging to the injured man, were found on fire in the car park near Dundarave Park.
Police said paramilitary involvement was one key line of inquiry.
Graffiti on nearby public toilets has been linked to the assault and arson.
The Police Service of Northern Ireland (PSNI) said the man was left with potentially life-changing but not life-threatening injuries.
Police said it was a “sinister attack.”
When America takes action after one incident you know it’s brutal.
Well, technically, the law is named after two victims of two incidents that took place that year (1998), one of an anti-LGBTQ hate-crime, and one of a racist hate-crime. The Matthew Shepard and James Byrd Jr. Hate Crimes Prevention Act, sadly, took eleven years to pass, finally signed by President Obama in 2009 as one of his first pieces of legislation.