Los Cielos at Brooks
In December 2022, Provident, in partnership with the Brooks Development Authority and Preston Hollow Community Capital, reached financial close on up to $115 million in Project Revenue Bonds for its Los Cielos Residential Rental Housing Development in San Antonia, Texas.
The Project, a 494-unit build-to-rent residential community on the site of the former Brooks Air Force Base, is being developed to meet the housing needs of the surrounding community, especially members of the workforce who have found it challenging to achieve homeownership close to their place of employment.
Developed by AHV Communities, Los Cielos will be the newest addition to the massive Brooks campus, a 1,300-acre mixed-use community with about 1,700 residents, 5,300 workers and 2,500 students.
Project Completion
and Impact Overview
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Financing
Through a private placement with Preston Hollow, the Bonds utilize a “draw-down” structure, providing efficiencies related to the 3-phase construction approach for the development. The Bonds were issued as a single series through the Public Finance Authority, a Wisconsin based multi-jurisdictional conduit issuer, and have a 35-year final maturity.