FMSbonds, Inc., based in Miami, raised $55.26 million of tax-exempt bonds for The Grove Community Development District.
The district includes The Grove Resort & Spa Orlando located three miles from Walt Disney World® Resort’s Western Way entrance. The 106-acre destination resort has 878 condo hotel suites on Lake Austin, amid a portion of Central Florida’s conservation grounds.The Grove is being developed in phases by The Grove Resort and Spa, LLC, a joint venture between entities owned by certain funds managed by real estate investment manager Westport Capital Partners LLC, and South Florida based developer BTI Partners. The first phase opened in March 2017 to strong reviews.
The bond proceeds are expected to fund the construction of a water park, public parking garages and infrastructure associated with a sprawling resort. The bonds are backed by special assessments levied on the lands within The Grove Community Development District.
“It was important for our venture to secure a financing structure which appropriately valued the significant infrastructure invested in the resort to date and the work that we are in the process of completing,” said Russel Bernard, Managing Principal of Westport Capital Partners LLC.
“We are very pleased with the execution of the transaction by our highly experienced team of professionals” said Noah Breakstone, managing partner for BTI Partners. After reviewing various financing options, the community development district was the best avenue for us.”
FMSbonds, Inc. was the sole underwriter on the transaction.
Akerman LLP served as Bond Counsel, Hopping Green & Sams served as Issuer’s Counsel and Fishkind & Associates served as Financial Advisor to The Grove Community Development District.