DALLAS–(BUSINESS WIRE)–Dallas-based Preston Hollow Capital (PHC), an independent specialty municipal finance company that supports local communities through social impact financing, announced the completion of a $10.85 million purchase of special assessment revenue bonds relating to the Ojus Sanitary Sewer Special Benefit Area, located in Miami-Dade County, Florida. The 30-year tax-exempt bonds were privately placed to Preston Hollow Capital by Drexel Hamilton, a veteran owned broker-dealer. The bond proceeds will fund sanitary system improvements in the Special Benefit Area to transition wastewater treatment from the use of septic tanks to a hookup to the County’s sewer system.
Arlesa Wood, director of bond administration for Miami-Dade’s Finance Department, told The Bond Buyer earlier this week that the County expects the project to be completed within the next two years, with bonds being paid off from a special assessment on the parcels within the Special Benefit Area over a 30-year period.
Investment bank Drexel Hamilton served as sole manager of the transaction. PFM Financial Advisors LLC served as financial advisor to the County. Squire Patton Boggs LLP and D. Seaton and Associates P.A. acted as bond counsel and Hunton Andrews Kurth LLP and DiFalco & Fernandez LLLP served as disclosure counsel. Liebler, Gonzalez & Portuondo of Miami was the placement agent’s counsel.
“We were excited to work with the County on the transaction, and with Drexel Hamilton on their first senior-managed transaction in the municipal market,” said Charlie Visconsi, managing director and co-head of transaction originations at PHC. “We were proud to be part of the deal and hope to work again with both parties.”
About Preston Hollow Capital
Preston Hollow Capital provides specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. As a team, we bring a decades-long track record of helping communities achieve their financial, sustainability and community impact goals. We do so through a unique partnership model, rigorous and disciplined credit underwriting and creative investment structuring built around delivering speed, certainty, and flexibility to our borrowers.
Preston Hollow Capital