Transaction Details

Par Amount:

$195,767,000

Interest Rate:

5.000%

Closing Date:

03/18/2025

Debt Structure:

Current Interest Bonds

Pledged Revenue:

Proceeds from the sale of bonds from ten Municipal Utility Districts

Use of Proceeds:

Reimbursement of eligible public improvements and refinancing of the existing Series 2024 Bonds
Aerials of all four Astro Texas projects with a Starwood logo in the center

Astro Texas

Multiple Counties

  • The Astro Texas Land Portfolio includes ten municipal utility districts across four master plan communities in the Houston area – Cypress Green, Sunterra, Lago Mar and Sierra Vista.
  • The project is being developed by Astro Texas Land, L.P, an affiliate of Starwood Land.
  • At full build out, the project is anticipated to include 16,000 residential units, commercial uses, and various community amenities.
  • At the time of issuance:
    • 60% of the development had been built.
    • 98% of the total single-family units were either closed or under contract with multiple third-party homebuilders.
    • $359M in reimbursable costs were currently outstanding to the Developer.