Preston Hollow Community Capital Completes $85 Million Bond Purchase for Mixed-Use Development in Westbrook
Preston Hollow Community Capital (“PHCC”) recently announced the purchase of $85.7 million in tax-exempt revenue…
DALLAS and NEW YORK, April 10, 2023 /PRNewswire/ — Preston Hollow Community Capital, LLC (“PHCC” or “Preston Hollow”) and Nuveen, the investment manager of TIAA (“Nuveen”), have agreed to a global settlement and resolution of all outstanding litigation claims, including PHCC’s New York case against Nuveen and John Miller and PHCC’s Delaware suit against Nuveen. Terms of the settlement were not disclosed.
With this resolution in hand, and supported by its parent, Nuveen is also making an investment in PHCC, becoming a significant minority investor. This investment is designed to advance PHCC’s strategy of direct sourcing and structuring of financings to help deliver meaningful and measurable social impact to borrowers and their respective communities.
“It is a testament to both organizations that Preston Hollow and Nuveen kept the lines of communication open throughout the litigation, and we’re pleased to have reached a constructive resolution that supports our shared interests and the broader municipal market,” said Jim Thompson, PHCC Chairman and CEO. “This timely and targeted investment by Nuveen in PHCC signifies a new era of cooperation between our firms. We’re looking forward to a mutually productive relationship that will benefit not only our two firms but the broader municipal finance market as well.”
“We’re pleased to settle this matter and to move forward with an investment in Preston Hollow that demonstrates our shared commitment to municipal finance that benefits borrowers and investors and builds communities,” said Bill Huffman, President and Head of Nuveen Equities and Fixed Income. “As a municipal-bond leader, with 125 years of experience, Nuveen is committed to finding new, creative ways to grow and evolve the market.”
About Preston Hollow Community Capital
Preston Hollow Community Capital is a market leader in providing specialized impact finance solutions for projects of significant social and economic importance to local communities in the United States. The Company originates, owns and manages a diversified portfolio of bespoke municipal finance transactions. PHCC has invested $4.7 billion since its inception across various sectors of the municipal bond market, including real estate, K-12 and higher education, healthcare, infrastructure, hospitality, general government, and economic development. Visit www.phccap.com for more information.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 31 Dec 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
SOURCE Preston Hollow Community Capital; Nuveen