Houston, March 20, 2025 (GLOBE NEWSWIRE) — The Texas Infrastructure Program (TIP) has successfully secured $196 million in revenue anticipation improvement and refunding bonds for Starwood Land, a leading residential real estate investment firm focused on land acquisition, development, and financing. This transaction marks the largest Municipal Utility District (MUD) receivable financing. This financing included Starwood Land’s communities of Cypress Green, Lago Mar, Sierra Vista, and Sunterra, which is the best-selling community in Texas. This closing reflects the third innovation for TIP and their consultant team. The first was completing the first MUD receivable financing through a public bond offering, which the team pioneered in 2021 to help meet the growing demand for housing across Texas. In 2023, Piper Sandler, the underwriter for TIP, completed the second innovation with the closing of the first MUD receivable financing on a tax-exempt basis, which provided additional efficiencies and lower borrowing costs. Today, TIP further innovated by closing the first refinancing of a MUD receivable bond offering.
“This transaction represents an important milestone in a rapidly developing, but still new capital market for infrastructure financing in Texas,” says Mike Ryan, Managing Director at Piper Sandler, the underwriter for TIP. “I think there has been speculation on both sides of the equation, bond investor and developers, as to the long-term viability of these financings. Through Starwood Land’s strong performance since the initial bonds were issued, this …
Full story available on Benzinga.com
Houston, March 20, 2025 (GLOBE NEWSWIRE) — The Texas Infrastructure Program (TIP) has successfully secured $196 million in revenue anticipation improvement and refunding bonds for Starwood Land, a leading residential real estate investment firm focused on land acquisition, development, and financing. This transaction marks the largest Municipal Utility District (MUD) receivable financing. This financing included Starwood Land’s communities of Cypress Green, Lago Mar, Sierra Vista, and Sunterra, which is the best-selling community in Texas. This closing reflects the third innovation for TIP and their consultant team. The first was completing the first MUD receivable financing through a public bond offering, which the team pioneered in 2021 to help meet the growing demand for housing across Texas. In 2023, Piper Sandler, the underwriter for TIP, completed the second innovation with the closing of the first MUD receivable financing on a tax-exempt basis, which provided additional efficiencies and lower borrowing costs. Today, TIP further innovated by closing the first refinancing of a MUD receivable bond offering.
“This transaction represents an important milestone in a rapidly developing, but still new capital market for infrastructure financing in Texas,” says Mike Ryan, Managing Director at Piper Sandler, the underwriter for TIP. “I think there has been speculation on both sides of the equation, bond investor and developers, as to the long-term viability of these financings. Through Starwood Land’s strong performance since the initial bonds were issued, this …
Full story available on Benzinga.com
Houston, March 20, 2025 (GLOBE NEWSWIRE) — The Texas Infrastructure Program (TIP) has successfully secured $196 million in revenue anticipation improvement and refunding bonds for Starwood Land, a leading residential real estate investment firm focused on land acquisition, development, and financing. This transaction marks the largest Municipal Utility District (MUD) receivable financing. This financing included Starwood Land’s communities of Cypress Green, Lago Mar, Sierra Vista, and Sunterra, which is the best-selling community in Texas. This closing reflects the third innovation for TIP and their consultant team. The first was completing the first MUD receivable financing through a public bond offering, which the team pioneered in 2021 to help meet the growing demand for housing across Texas. In 2023, Piper Sandler, the underwriter for TIP, completed the second innovation with the closing of the first MUD receivable financing on a tax-exempt basis, which provided additional efficiencies and lower borrowing costs. Today, TIP further innovated by closing the first refinancing of a MUD receivable bond offering.
“This transaction represents an important milestone in a rapidly developing, but still new capital market for infrastructure financing in Texas,” says Mike Ryan, Managing Director at Piper Sandler, the underwriter for TIP. “I think there has been speculation on both sides of the equation, bond investor and developers, as to the long-term viability of these financings. Through Starwood Land’s strong performance since the initial bonds were issued, this …Full story available on Benzinga.com Read MoreNews, Bonds, Financing, Contracts, Markets, Press Releases, Real Estate Markets
