Vying for lead management of the deal are Bank of America, BearSterns, Lehman Brothers, Paine Webber and Salomon Smith Barney.
The CHA is tapping the capital markets in order to acquire thenecessary funding to speed up its Plan for Transformation, a10-year, $1.5 billion effort that will fundamentally change theCHA. The plan calls for tearing down many of the authority's densehigh-rise complexes and replacing these with scattered, low-risedevelopments throughout the city.
The bond issue will essentially be an advance payment againstrevenues CHA expects to be getting from the Department of Housing& Urban Development, payments that will be pledged against thebond issue as security. "By getting the money now, we will be ableto do in five years what it would probably have taken seven yearsto do," says Verduzco.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
