Preston Hollow Capital Secures $49M for Cibolo Canyons
- Nov 08, 2014
Preston Hollow Capital has completed a $48.9 million financing for the Cibolo Canyons Special Improvement District, part of a 2,100-acre mixed-use master-planned community near downtown San Antonio. The bond funding transaction will provide reimbursement of infrastructure expense to the project’s developer, Forestar Group Inc.
“Preston Hollow Capital is pleased to invest in the future of the Cibolo Canyons, one of the most exciting developments in Texas,” said Jim Thompson, Preston Hollow’s Chairman & CEO, who launched the diversified merchant bank in January. “Continued development prospects for Cibolo Canyons are very promising as it is the site of the JW Marriott San Antonio Hill Country Resort and Spa and is home to two PGA Tour Tournament Players Club (TPC) golf courses designed by architects Pete Dye and Greg Norman.”
The revenue bonds for the Cibolo Canyons Special Improvement District were underwritten by Stifel Nicolaus & Co. First Southwest Co. served as the district’s financial advisor.
“By closing on this transaction in two weeks from start to finish, the finance team at Preston Hollow Capital demonstrated our firm’s capabilities as a financing solution provider that can execute quickly and close with certainty,” Thompson added in a statement. “We have ready capital for more transactions of this type and are actively seeking additional opportunities.”