Transaction Details

Par Amount:

$43,143,699

Interest Rate:

6.500%

Closing Date:

March 27, 2025

Debt Structure:

Capital Appreciation Bonds

Pledged Revenue:

Proceeds from the sale of bonds from Myrtle Creek Municipal Management District No.1 of Ellis County

Use of Proceeds:

Reimbursement and funding of eligible public improvements
Aerial of Myrtle Creek project

Myrtle Creek

Ellis County

  • Myrtle Creek is a 1,263-acre primarily residential master-planned community located within the city limits of Waxahachie, Texas, approximately 30 miles south of Dallas. Myrtle Creek is entirely located within Myrtle Creek Municipal Management District No. 1.
  • The project is being developed by Hines.
  • At full build out, MyrtleCreek is anticipated to include 2,491 single-family residential units, 28 acres of multi-family and duplex development, 40 acres of commercial, and various community amenities.
  • At the time of issuance:
    • 30% of the residential units had been contracted to homebuilders.
    • 12% of the residential lots had been finished.
    • $10.5M of nonrefundable earnest money had been deposited by homebuilders.
    • $16.7M of eligible infrastructure expenses were currently outstanding to the Developer.