Transaction Details

Par Amount:

$29,004,791

Interest Rate:

6.500%

Closing Date:

05/28/2025

Debt Structure:

Capital Appreciation Bonds

Pledged Revenue:

Proceeds from the sale of bonds from Kaufman County WCID No. 1

Use of Proceeds:

Reimbursement and funding of eligible public improvements.
Aerial of Northspur project

Northspur

Kaufman County

  • Northspur is a 700-acre primarily residential master-planned community located within the City of Terrell, Texas, approximately 32 miles east of Dallas. Northspur is entirely located within Kaufman County Water Control & Improvement District No. 1.
  • The project is being developed by Starwood Land.
  • At full build out, Northspur is anticipated to include 1,527 single family residential units, 46 acres of commercial, 292 acres of industrial, and various community amenities.
  • At the time of issuance:
    • 14% of the single-family units had been contracted to Impression Homes (the“Homebuilder”) with $1.1M of non-refundable earnest money deposited.
    • 10% of the single-family units had closed with the Homebuilder who had 10 units under vertical construction.
    • $27.1M in eligible infrastructure expenses had been spent and were currently outstanding to the Developer.