Prior to establishing MBS in 2011, the partners and key professionals of MBS managed the special tax district finance group of Prager, Sealy & Co., LLC for more than fifteen years. 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 new city of Coral Springs, Florida. These early efforts established their reputation for innovation and leadership.
MBS was established for the purpose of transitioning the special tax district finance group into a separate and distinct entity thereby carrying on the special tax district finance efforts previously undertaken by the partners and key professionals of MBS while at Prager. MBS has six senior level bankers dedicated solely to Florida special tax district finance.
Over the span of their careers, the professionals of MBS have served as lead bankers on the issuance of more than $15 billion of tax-exempt bonds for approximately 500 issuers in 1,100 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, Ohio and Utah.
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 liquidity to the marketplace and refunding opportunities to issuers.
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 community development district 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, recreational revenue and utility bonds.