See original article here.
DALLAS, Jul 01, 2015 (BUSINESS WIRE) — Preston Hollow Capital, an independent specialty finance company, announced today that it has completed a $30 million financing for the Tuxedo Farms Local Development Corporation. Tuxedo Farms is a new residential development by Related Companies, located 35 miles from New York City in the historic town of Tuxedo, N.Y. The community is comprised of 1,195 residential homes across 12 distinct neighborhoods, a new 35,000 square feet family YMCA, 800 acres of preserved open space with walking, hiking and biking trails, and neighborhood convenience retail. This bond financing transaction will enable the Tuxedo Farms Local Development Corporation to construct the sewer facilities infrastructure required for the overall project. Construction on the project is slated to commence in July 2015.
“Tuxedo Farms is a high-profile project with a strong sponsor/developer in Related Companies, and we’re pleased to play a role in bringing it to market,” said Jim Thompson, Chairman and CEO of Preston Hollow Capital. Thompson launched Preston Hollow Capital in January 2014 after serving for many years as President and CEO of ORIX USA Corporation, a non-bank financial conglomerate and U.S. subsidiary of the Tokyo-based ORIX Corporation IX, -0.09%
“Preston Hollow’s creativity and ability to transact quickly was critical to this successful closing,” said Andrew Dance, Senior Vice President of Development of Related Companies.
About Preston Hollow Capital and Jim Thompson
Preston Hollow Capital is an independent specialty finance company launched in January 2014 by Jim Thompson, the former longtime President and Chief Executive Officer of ORIX USA Corporation. The PHC team, comprised predominantly of former leaders from ORIX USA, is a solution provider in municipal finance, and seeks to produce superior risk-adjusted returns across a broad spectrum of investment strategies. Mr. Thompson, along with his wife Angela, supports Dallas-area non-profits through the Jim & Angela Thompson Foundation, and STEM education initiatives through the Blue Sky Educational Foundation. He is a board member of the Dallas Urban Debate Alliance, and is a former board member of Dallas CASA, Angel Flight South Central and the AOPA Foundation.
About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed more than 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston; Chicago; Los Angeles; San Francisco; South Florida; Washington, D.C.; Abu Dhabi; London; S�o Paulo and Shanghai and boasts a team of approximately 3,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. For more information about Related Companies, please visit www.related.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150701005968/en/
SOURCE: Preston Hollow Capital
C. Pharr & Company
Krystal Morris, 972-931-7576, ext. 355
For Related Companies:
Copyright Business Wire 2015