Transaction Details

Par Amount:

$17,457,507

Interest Rate:

6.750%

Closing Date:

05/15/2025

Debt Structure:

Capital Appreciation Bonds

Pledged Revenue:

Proceeds from the sale of bonds from Briarwood Municipal Utility District

Use of Proceeds:

Reimbursement of eligible public improvements
Aerial of Briarwood project

Briarwood & Park Place

Briarwood County

  • This financing includes a pooled issuance for two Ashton Gray Development projects, Briarwood and Park Place, which are both located in the City of Elgin, Texas, approximately 25 miles northeast of Austin. Briarwood & Park Place is entirely located within Briarwood Municipal Utility District.
  • The project is being developed by Ashton Gray Development.
  • Briarwood is a 205-acre primarily residential development. At full build out, it is anticipated to include 774 single-family residential units, 146 townhome units, 6 acres of commercial, and various community amenities.
  • Park Place is a 76-acre mixed-use development. At full build out, it is anticipated to include 234 townhome units, 300 multi-family units, 7 acres of commercial, and various community amenities.
  • At the time of issuance:
    • 67% of the units are contracted with homebuilders.
    • 19% of the lots are finished or under horizontal development.
    • 26% of the reimbursable budget for the projects has been spent.