All Aboard Florida downsizes bond financing plan

Miami /
Nov.November 05, 2016 02:30 PM

All Aboard Florida plans to finance the development of its Brightline passenger train service between Miami and West Palm Beach with tax-exempt bond sale proceeds totaling $600 million  —  about one-third of the $1.75 billion amount the company initially sought. The Coral Gables-based company, which believes the smaller bond offering would be easier to market, plans to extend the passenger train service in phase two of its development from South Florida to Orlando.

Court documents filed October 29 detailed the company’s downsized plan to borrow through an issuance of private activity bonds by the U.S. Department of Transportation (DOT) that yield tax-exempt interest. Martin County and Indian River County have challenged the eligibility of All Aboard Florida for such financing in federal lawsuits against DOT, which conditionally approved a bond sale on behalf of All Aboard Florida in 2014. (Palm Beach Post) — Mike Seemuth


Related Articles

arrow_forward_ios
A photo illustration of the letter unit owners of Champlain Towers South in Surfside sent to the court (Getty Images, iStock)
Surfside collapse unit owners ask court to up their $83M payout
Surfside collapse unit owners ask court to up their $83M payout
Inventing Nora: Developers eye new district in West Palm Beach
Inventing Nora: Developers eye new district in West Palm Beach
Inventing Nora: Developers eye new district in West Palm Beach
Harbor Group International's Jordan Slone and Richard Litton with ParkLine Miami (Harbor Group International, ParkLine)
Harbor pays over $400M for MiamiCentral apartments in record deal
Harbor pays over $400M for MiamiCentral apartments in record deal
(Google Maps, iStock)
Miami investor Enrique Manhard scoops up MiMo District land for $8M
Miami investor Enrique Manhard scoops up MiMo District land for $8M
From left: Charles Kushner, Wes Powell, Nicole Kushner Meyer and Laurent Morali with a rendering of the planned development (Kushner, Stantec, ODA Architecture, iStock)
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project
Ram Realty, Pinnacle pay $15M for multifamily dev site near Aventura
Ram Realty, Pinnacle pay $15M for multifamily dev site near Aventura
Ram Realty, Pinnacle pay $15M for multifamily dev site near Aventura
South Florida by the numbers: Brightline to restart & more
South Florida by the numbers: Brightline to restart & more
South Florida by the numbers: Brightline to restart & more
ParkLine MiamiCentral
Brightline parent lists MiamiCentral apartment towers for $500M
Brightline parent lists MiamiCentral apartment towers for $500M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...