Preston Hollow Capital Signs Lease for Brooks Revitalization Project in San Antonio | Business
DALLAS – (BUSINESS WIRE) – July 12, 2021–
Preston Hollow Capital, an independent specialist municipal finance company that supports local communities through infrastructure finance, today announced the successful execution of a ground lease with Brooks Development Authority (“Brooks”) – a community of 1,308 acres in San Antonio, Texas, owned and managed by the Brooks Development Authority. Brooks was established in 2001 by the United States Congress, the state of Texas, and the City of San Antonio to redevelop the former Brooks Air Force Base. Today’s announcement is a significant milestone in the continued evolution of the project as it replaces and expands the aging Brooks housing stock with approximately 450 detached single-family and duplex rental homes. In doing so, it replaces an existing rental community of 163 units that was originally built as the officers’ quarters for Brooks Air Force Base in 1962.
“In keeping with Preston Hollow’s mission, this project was designed with four key company-focused goals in mind,” said Ramiro Albarran, Co-Head of Origins of Preston Hollow. “It must be community-oriented, value-oriented, offer quality of life and offer a life / work synergy to its residents. Preston Hollow has been investing in Brooks since 2015, funding various real estate and infrastructure projects on the Brooks campus. This investment, which is expected to be approximately $ 85 million, will allow Brooks to expand its housing stock and attract more full-time residents to the community of Brooks.
“Preston Hollow has been a ‘Brooks believer’ from the start, and we are proud to partner with them in redeveloping the old military housing,” added Leo Gomez, President and CEO of Brooks. “Quality housing options are a priority for Brooks, and this new neighborhood will help us meet the needs of current and future residents by providing a fantastic opportunity in this part of San Antonio. “
As part of the project with Brooks, Preston Hollow will build amenities for the new community, including an amenity center and swimming pool, dog and recreation parks, and walking trails. The project will help better meet the needs of current and future residents by expanding and improving the housing supply on the Brooks campus.
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 decades of experience helping communities achieve their financial, sustainability and community impact goals. We do this through a unique partnership model, rigorous and disciplined credit underwriting, and creative investment structuring designed to provide speed, certainty and flexibility to our borrowers.
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CONTACT: Greg May, Preston Hollow Capital
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: BANK OTHER PROFESSIONAL DEFENSE SERVICES TRAINING OTHER CONSTRUCTION AND REAL ESTATE DEFENSE UNIVERSITY CONSTRUCTION AND PROPERTY EDUCATION OTHER PROFESSIONAL SERVICES REIT FINANCE
SOURCE: Preston Hollow Capital
Copyright Business Wire 2021.
PUB: 07/12/2021 14:13 / DISC: 07/12/2021 14:13
Copyright Business Wire 2021.