DALLAS--(BUSINESS WIRE)--Preston Hollow Capital, an independent specialty municipal finance company that supports local communities through infrastructure financing, today announced the successful execution of a ground lease with Brooks Development Authority (“Brooks”) - a 1,308-acre community in San Antonio, Texas owned and managed by the Brooks Development Authority. Brooks was created in 2001 by the United States Congress, the State of Texas and the City of San Antonio to redevelop the former Brooks Air Force Base. Today’s announcement is an important step in the continued evolution of the project, as it replaces and expands Brooks’ aging housing stock with approximately 450 single-family detached and duplex rental homes. In so doing, it replaces an existing 163-unit rental community that was initially constructed as officers' quarters for the Brooks Air Force Base in 1962.
“Consistent with Preston Hollow’s mission, this project was conceived with four key, socially-focused objectives in mind,” said Preston Hollow’s Co-head of Originations, Ramiro Albarran. “It must be community-focused, value-oriented, provide for quality of life, and offer living/working synergy to its residents. Preston Hollow has invested in Brooks since 2015, funding various real estate and infrastructure projects on the Brooks Campus. This investment, expected to be approximately $85 million, will allow Brooks to expand its housing stock and attract additional full-time residents to the Brooks community.”
“Preston Hollow has been a ‘Brooks Believer’ from the start, and we’re proud to be partnering with them in redeveloping the former military housing,” added Brooks President & CEO, Leo Gomez. “Quality housing options are a priority for Brooks, and this new neighborhood will help us meet the needs of both current and future residents by providing a fantastic opportunity in this part of San Antonio.”
As part of the project with Brooks, Preston Hollow will construct amenities for the new community, including a clubhouse amenity center and pool, dog and recreational parks, and walking paths. The project will help to better meet the needs of both current and future residents by expanding and upgrading housing supply on the Brooks campus.
About Preston Hollow Capital
Preston Hollow Capital provides specialized impact financing solutions for projects of significant social and economic importance to local communities in the United States. As a team, we bring a decades-long track record of helping communities achieve their financial, sustainability and community impact goals. We do so through a unique partnership model, rigorous and disciplined credit underwriting and creative investment structuring built around delivering speed, certainty, and flexibility to our borrowers.