This represents the largest Municipal Utility District receivable financing
Mike Ryan, Managing Director at Piper Sandler, the underwriter for TIP
Mike Libera, Managing Director at SAMCO Capital Markets, the financial advisor to TIP
Houston, March 20, 2025 (GLOBE NEWSWIRE) — The Texas Infrastructure Program (TIP) has successfully secured $196 million in revenue anticipation improvement and refunding bonds for Starwood Land, a leading residential real estate investment firm focused on land acquisition, development, and financing. This transaction marks the largest Municipal Utility District (MUD) receivable financing. This financing included Starwood Land’s communities of Cypress Green, Lago Mar, Sierra Vista, and Sunterra, which is the best-selling community in Texas. This closing reflects the third innovation for TIP and their consultant team. The first was completing the first MUD receivable financing through a public bond offering, which the team pioneered in 2021 to help meet the growing demand for housing across Texas. In 2023, Piper Sandler, the underwriter for TIP, completed the second innovation with the closing of the first MUD receivable financing on a tax-exempt basis, which provided additional efficiencies and lower borrowing costs. Today, TIP further innovated by closing the first refinancing of a MUD receivable bond offering.
“This transaction represents an important milestone in a rapidly developing, but still new capital market for infrastructure financing in Texas,” says Mike Ryan, Managing Director at Piper Sandler, the underwriter for TIP. “I think there has been speculation on both sides of the equation, bond investor and developers, as to the long-term viability of these financings. Through Starwood Land’s strong performance since the initial bonds were issued, this refinancing provides proof of concept for both parties.”
This bond financing represents a first-of-its-kind transaction, allowing Starwood Land to accelerate additional outstanding infrastructure reimbursements. The innovative structure enables developers, like Starwood Land, to recapitalize their projects earlier, lower their all-in cost of capital, and redeploy funds to accelerate the delivery of residential projects.
Mike Libera, Managing Director at SAMCO Capital Markets, the financial advisor to TIP, adds, “This transaction exemplifies the power of collaboration, perseverance, and a shared vision. Our team’s ability to structure this financing has made it possible for Starwood Land to redeploy critical capital to serve the housing needs of Houston’s rapidly expanding population.”
“These tools are essential in today’s environment where traditional sources of capital are expensive and the cost of goods and labor are rising,” adds Ryan. “We hope this tool can help developers and homebuilders continue to deliver high-quality communities in Texas at an attainable price point.”
Libera noted, “Successful infrastructure financing isn’t just about raising capital; it’s about designing mechanisms that make long-term development viable, sustainable, and efficient. Every dollar strategically reinvested today has the potential to shape communities for decades.”
Without such financing structures, new homes would not be as attainable, and homeowners would not see as much high-quality infrastructure or enjoy as many community amenities.
“The future of housing development depends on creative financing solutions. By unlocking the value of future MUD reimbursements today, we’re not just accelerating growth – we’re redefining how infrastructure is funded in Texas,” said Libera.
The successful execution of this bond financing represents a major step forward in the use of MUD financing tools and reflects the Texas Infrastructure Program’s commitment to innovative financing solutions that benefit the Texas development community.
About Texas Infrastructure Program
At the Texas Infrastructure Program (TIP), we pride ourselves on pioneering innovative, tax-exempt financing solutions that empower Texas’ infrastructure development, combining efficiency, expertise, and transparency to turn visionary projects into reality.
About SAMCO Capital Markets
SAMCO Capital Markets (SAMCO) is a leading underwriter and trader of municipal bonds in Texas and across the nation. SAMCO is privately held, an employee-owned broker/dealer specializing in public finance, (underwriting, sales & trading, and financial advisory services), high yield sales & trading, and investment banking. Founded in 1987, SAMCO combines depth of experience and the highest integrity.
About Piper Sandler
Piper Sandler Companies is a leading investment bank and asset management firm. With a commitment to providing innovative solutions to its clients, Piper Sandler works across a wide range of industries, including real estate, infrastructure, and municipal finance. The firm has a proven track record of structuring complex transactions that address the evolving needs of communities and developers alike.
About Starwood Land
Starwood Land is a prominent residential real estate investment firm with a focus on land acquisition, development, and financing. The company is committed to creating sustainable, high-quality communities in some of the country’s most desirable markets, with a proven ability to execute complex projects on time and within budget.
Attachments
- Mike Ryan, Managing Director at Piper Sandler, the underwriter for TIP
- Mike Libera, Managing Director at SAMCO Capital Markets, the financial advisor to TIP
CONTACT: Renee Cossman renee@cossmanpr.com
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