Transaction Details

Par Amount:

$37,749,480

Interest Rate:

6.750%

Closing Date:

06/18/2025

Debt Structure:

Capital Appreciation Bonds

Pledged Revenue:

Proceeds from the sale of bonds from Liberty County Municipal Utility District No. 13A

Use of Proceeds:

Funding of eligible public improvements
Aerial of Sterling Traditions

Sterling Traditions

Liberty County

  • The Sterling Traditions project (“Sterling Traditions”) is a 475-acre, primarily residential, master-planned community located in Liberty County, Texas, near the City of Dayton, approximately 40 miles northeast of Houston. Sterling Traditions is located entirely within Liberty County Municipal Utility District No. 13A.
  • The project is being developed by Will Benson (Benson Development), Clint Mann, and Drew Pelter.
  • Project Details:
    • Planned to include 1,859 single-family residential units, related amenities, rights of way, and open space
    • Full buildout expected by 2034
    • Projected reimbursable budget of $118.1M
  • At the time of issuance, 1,273 single-family lots (68%) were contracted to Smith Douglas, Ashton Woods, Davidson Homes, DSLD Homes, and Starlight Homes (the “Homebuilders”), with $11.9M of non-refundable earnest money deposited.