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Preston Hollow Community Capital Completes $15 Million Financing for Avenir Community Development District’s Town Center

Preston Hollow Community Capital (PHCC) announced the successful closing of a $15 million tax-exempt bond financing related to the development of a new 53-acre commercial Town Center at the mixed-use community in Palm Beach Gardens, Florida known as Avenir. At build-out, the 4,752-acre development will comprise approximately 3,900 residential units and 2.4 million square feet of commercial space

Preston Hollow Community Capital’s relationship with Avenir dates back to 2018 when PHCC purchased the Avenir Community Development District’s inaugural $63.4 million bond issuance. PHCC has since provided an additional $168.7 million in tax-exempt debt financing to the development, along with $50.2 million in taxable debt and a $20 million loan. PHCC’s aggregate investment in Avenir with the current bond issuance totals $239 million.

“Preston Hollow Community Capital is pleased to strengthen our partnership with the Avenir Community Development District and grow our investment in the Avenir community,” said Ramiro Albarran, Co-Head of Originations at PHCC. “Avenir is a one-of-a-kind development that aligns with our mission of funding critical infrastructure needs for local communities by providing sustainable, dependable residential homes and commercial spaces in a rapidly-growing area of Florida.”

“Preston Hollow Community Capital has been an integral partner in the development and continued success of the Avenir community,” said Manuel M. Mato, President of Avenir Development, LLC. “Their support and collaborative approach to financing have been the cornerstone of turning blueprints into the thriving community that is Avenir today.”

FMSbonds, Inc. served as sole underwriter for the Bonds. Billing, Cochran, Lyles, Mauro & Ramsey, P.A. acted as District Counsel. Greenberg Traurig, P.A. acted as Bond Counsel.


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 invests in bespoke municipal finance transactions with a diversified investment portfolio. PHCC has invested over $4.8 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.

Since its inception, Preston Hollow has raised $1.6 billion in committed, permanent equity capital from premier sponsors like Stone Point Capital, HarbourVest Partners and TIAA. The Company has received long-term BBB (Stable) and short-term K2 (Stable) ratings from Kroll Bond Rating Agency

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