Preston Hollow Capital Completes Follow on Financing for Ohio Municipal Redevelopment Financing

BY Business Wire | MUNICIPAL | 07/27/21 01:13 PM EDT

DALLAS--(BUSINESS WIRE)-- Preston Hollow Capital (?Preston Hollow?), a provider of specialized impact financing solutions for projects of significant social and economic importance to local communities, today announced the successful completion of an additional $12 million tax-exempt bond financing for the City of Hamilton, Ohio. These funds are in addition to the $38 million previously invested in March 2020.

Consistent with Preston Hollow?s focus on serving as the financial partner of choice for projects that create a measurable social benefit, the bonds will be used to provide parking improvements to support the redevelopment of the former Champion Paper Mill in Hamilton into a 20-acre sports and entertainment complex. The project, which is expected to create jobs, boost local economic output and offer enhanced services to the residents of Hamilton, will consist of a 650,000 sq. ft. sports complex and a 360,000 sq. ft. hotel property. The hotel will include convention, retail and commercial space in addition to a 235-room hotel.

?We are excited to expand our commitment to the City of Hamilton,? added Ramiro Albarran, Co-Head of Transaction Originations at Preston Hollow Capital. ?It is always a pleasure to see our capital used to help transform communities and we believe that this project will do just that.?

"Preston Hollow has been a tremendous partner, as Spooky Nook and the City of Hamilton constructed the capital stack for this catalytic project,? said City Manager Joshua Smith. ?Their willingness to work with us on two separate financings showed their strong commitment to our community."

The bonds were issued by the Hamilton Community Authority and placed with Preston Hollow. Piper Sandler served as underwriter on the financing. Squire Patton Boggs LLP served as bond counsel and Bradley Payne Advisors, LLC served as financial advisor.

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.

Source: Preston Hollow Capital

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