A few months after starting work on the infrastructure of a master-planned community near Orlando, BTI Partners has raised $19.9 million in tax-exempt bonds to fund the construction.
The deal closed on March 16.
Through the Edgewater East Community Development District, Fort Lauderdale-based BTI Partners raised the funds for the first phase of Crossprairie. The first phase will consist of 1,100 residential units in Osceola County
Jon Kessler, executive director of Miami-based FMSbonds, Inc., raised the tax-exempt bond financing for BTI Partners, one of Florida’s most prolific real estate developers and land investors. The bonds are backed by special assessments levied on the land within the Community Development District, or CDD, Kessler said. The interest rate of the 30 Year CDD bond averages approximately 3.75%. The bond issue attracted multiple high yield municipal bond investors.
“We are very pleased with the execution of the transaction by a highly experienced team of professionals” said Noah Breakstone, CEO of BTI Partners. “This transaction highlights how bullish investors are on the Florida housing market. Our development will help meet the area’s strong demand for new homes and continue to ease the undersupply of residential housing in the Orlando market.”
The CDD bonds proceeds will finance new roads, signage, street lighting, sidewalks, stormwater management system, utilities, hardscape, landscape, irrigation, environmental conservation, recreational amenities and more.
The master-planned community has been approved for 5,200 residential units, 1 million square feet of commercial, 1.9 million square feet of office and 600 hotel rooms. The development will be built in phases over a decade.
Crossprairie will be home to multiple subdivisions to be developed by regional and national homebuilders. Currently, three homebuilders are under contracts to acquire some of the future subdivisions. BTI Partners designed Crossprairie to promote outdoor enjoyment and a healthy lifestyle while offering residents the best in shopping, office and hotel accommodations.
The sprawling community was inspired by Central Florida’s rich natural and wildlife areas. An abundance of green spaces, parks and trails will allow Crossprairie to preserve the region’s identity while further urbanizing a rapidly growing section of northern Osceola County. A system of trails and bike lanes will connect the different parts of the community, offering residents pedestrian and cycling-friendly options for moving around Crossprairie.
The master-planned community is located on the west side of the Florida Turnpike in Osceola County extending from north of Kissimmee Park Road to the Three Lakes Toll Plaza. The existing Kissimmee Park Road interchange provides direct access to downtown Orlando on Florida’s Turnpike. A new full-access interchange has been approved and funded for construction to start in 2024 at the north end of the 1300-acre development connecting to the New Nolte Road extension.
Crossprairie is slated to become the front door to over 30,000 new homes in the East of Lake Toho Conceptual Master plan area.