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…
Preston Hollow Community Capital (“PHCC”) recently announced the purchase of $85.7 million in tax-exempt revenue bonds issued by the Finance Authority of Maine (“FAME”). Proceeds from the bonds will be used to fund the development of critical public infrastructure in a 65-acre mixed-use development in Westbrook, Maine known as Rock Row.
Designed around an existing 26-acre quarry, the multi-phase development will comprise approximately 2.7 million square feet at build-out, encompassing up to 1,000 residential units, a Life Science and Medical Campus anchored by an affiliate of the Dana-Farber Cancer Institute, retail and restaurant space, two hotels, office space, an event and music venue, and a public trail system.
This transaction serves as a follow-on investment to PHCC’s original support of the Rock Row development through its investment in FAME’s 2019 bond issuance.
“PHCC was glad to increase our investment in the transformational project that is Rock Row and strengthen our relationship with FAME, the City of Westbrook, and the Rock Row development team,” said Ramiro Albarran, Co-Head of Originations at Preston Hollow Community Capital. “This development will help drive local job creation and provide a highly amenitized community within a dynamic area of Cumberland County, aligning perfectly with our mission of funding sustainable infrastructure needs to cultivate economic advancement.”
Piper Sandler & Co. served as sole underwriter for the Bonds. Kutak Rock LLP served as Bond Counsel and Authority Counsel. McGuire Woods LLP acted as Underwriter’s Counsel. Jensen Baird Gardner & Henry LLP acted as counsel to the City. Bernstein, Shur, Sawyer & Nelson P.A. served as Underwriter’s 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 originates, owns, and manages a diversified portfolio of bespoke municipal finance transactions. PHCC has invested $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, PHCC has raised $1.6 billion in committed, permanent equity capital from premier sponsors and investors 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. Visit www.phccap.com for more information.
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