Transaction Details

Par Amount:

$33,940,000

Interest Rate:

5.625%

Closing Date:

08/08/2024

Debt Structure:

Current Interest Bonds

Pledged Revenue:

Proceeds from the sale of bonds from Midlothian MMD No. 2

Use of Proceeds:

Reimbursement and funding of eligible public improvements
Aerial of Bridgewater project

Bridgewater

Ellis County

  • Bridgewater is a 966-acre primarily residential master-planned community located within the City of Midlothian, Texas, approximately 30 miles southwest of Dallas. Bridgewater is entirely located within Midlothian Municipal Utility District No. 2.
  • The project is being developed by Hanover Property Company.
  • At full build out, Bridgewater is anticipated to include 2,123 single-family residential units, 23 acres of commercial, and 42 acres of industrial.
  • At the time of issuance:
    • The project was in active development for phases 1 & 2 which consist of 967 residential units.
    • 99% of the residential units in phases 1 & 2 were contracted with five third-party homebuilders of which 57% were closed and the remaining 43% were still subject to PSA.
    • The homebuilders had completed or were underway on vertical construction on 28% of the total units in phases 1 & 2.