Preston Hollow Community Capital Completes $208 Million Bond Purchase For Assembly Community Improvement District
DALLAS, TEXAS – January 10, 2023 – Preston Hollow Community Capital recently announced the purchase of $208.7 million in assessment bonds related to the Assembly Community Improvement District in Doraville, Georgia within Metro Atlanta. Proceeds from the 25-year tax-exempt bonds will fund Gray Television, Inc.’s (“Gray”) redevelopment of the former General Motors assembly plant into a 138-acre mixed-use development comprising a large movie and television production studio complex, office space, 1,300 residential units, restaurant and retail space, two hotels, and an entertainment/e-gaming center.
Upon completion, the anchor piece of the development, a 43-acre movie and television production studio known as “Assembly Studios,” will be one of the largest purpose-built film studios in the United States and feature multiple film stages for television and major motion picture film productions, employing approximately 4,000 full-time employees. In addition to Gray and existing tenant Third Rail Studios, the majority of Assembly Studios will be leased by NBCUniversal.
“Preston Hollow was pleased to work alongside Gray and the Assembly Community Improvement District to provide a tailored financial solution for this transformational project,” said Ramiro Albarran, Co-Head of Originations at Preston Hollow Community Capital. “This unique development will drive job creation in the community, aligning perfectly with our mission of funding sustainable infrastructure needs to promote economic growth.”
“Assembly will be an economic growth and jobs magnet for the Atlanta Region and Georgia entertainment industry at large,” said Hilton H. Howell Jr., Executive Chairman and CEO of Gray Television, Inc. “Preston Hollow will be a key player in the project’s success, and we are grateful for their efforts and expertise in getting this transaction done in a difficult economic climate. ”
Stifel, Nicolaus & Company, Inc. served as sole underwriter for the Bonds. PFM Financial Advisors LLC served as financial advisor to the Assembly Community Improvement District. Murray Barnes Finister LLP acted as Bond Counsel and District Counsel. McGuire Woods LLP acted as counsel to the underwriter.
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 bespoke municipal finance transactions with a diversified investment portfolio. PHCC has invested $4.5 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 $1.3 billion in committed, permanent equity capital from premier sponsors like Stone Point Capital and HarbourVest Partners. The Company has received long-term BBB (Stable) and short-term K2 (Stable) ratings from Kroll Bond Rating Agency.