MBS Capital Markets, LLC
 
Investment Bankers

Specialty Expertise

History

More than 30 years ago, the Florida legislature developed its Growth Management Act giving rise to “Concurrency”.  Shortly thereafter, the Uniform Community Development District Act of 1980 was enacted which provided for the establishment of independent special tax districts known as Community Development Districts (CDDs).  The intent of the legislation was to promote the concepts of “Smart Growth” and “Growth Paying for Itself” through the utilization of perpetual governmental entities to finance and maintain public infrastructure improvements situated within and outside of CDD boundaries. 

CDDs provide extensive benefit to developers, CDD residents/landowners as well as local governments and governmental agencies.  Developers are in essence provided access to long-term financing at tax-exempt rates.  CDD residents/landowners see infrastructure and amenities built upfront resulting in quality of life and property value enhancement.  Local governments and governmental agencies are provided assurance that infrastructure will not only be installed and subsequently maintained by a perpetual entity but that the cost would be borne by the CDD residents/landowners therein.

CDDs have been utilized primarily for large master-planned mixed-use projects including well known communities such as Lakewood Ranch, Baldwin Park and Celebration.  However, CDDs have also been utilized for primarily non-residential projects such as the Dolphin Mall and Beacon Industrial Tradeport in Miami.

MBS Expertise

MBS consists of professionals that are recognized leaders and innovators in the area of land-secured and utility financings.  Their history in this highly specialized area dates back to the early 1970’s when Doug Sealy guided Westinghouse Communities, Inc. in establishing three separate special districts to finance infrastructure development for the brand new city of Coral Springs. These early efforts established our reputation for innovation and leadership. 

Over the span of their careers, the professionals of MBS have served as lead bankers on the issuance of more than $12 billion of tax-exempt bonds for more than 350 issuers in 770 separate transactions.  While these transactions have primarily been undertaken by Florida issuers, the professionals of MBS have also served as lead bankers on land-secured financings in Arizona, Colorado, Maryland, Virginia, South Carolina and Ohio.

Given their early involvement in land-secured financings, the professionals of MBS are credited with developing the market for non-rated special assessment, tax-increment and utility bonds in Florida as well as several other states.  Their knowledge and experience in these areas, coupled with the continued surveillance of each and every credit, has assisted in providing for nationally recognized ongoing disclosure.  

As these credits began to mature, the professionals of MBS recognized an opportunity to educate both the municipal bond insurers and nationally recognized rating agencies.  Such effort resulted in the professionals of MBS obtaining the first municipal bond insurance policy for special assessment bonds issued by a Florida CDD back in the mid 1990s.  Since then, the professionals of MBS have obtained insurance and/or ratings in both the primary and secondary market for more than $2 billion of Florida special assessment and utility bonds.