Berkshire Hathaway Professional Realty Commercial Division Carmichael Commercial Group

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From CRE Daily: CIM Group Taps $556M in Muni Bonds for $4.2B Atlanta Megaproject CIM Group is leading a $4.2B redevelopment of Atlanta's Gulch, turning 50 acres of old rail yards into Centennial Yards, a mixed-use district funded partly by municipal bonds. Megadevelopment: JPMorgan Chase is underwriting $556 million in municipal bonds to support the Centennial Yards project, which includes over 2,600 apartments, 2,900 hotel rooms, retail spaces, and a data center. This project is expected to redefine downtown Atlanta, turning what was once a parking lot into a bustling urban hub. High-risk, high-reward: The two municipal debt offerings are unrated and targeted at qualified institutional buyers, reflecting their high-risk nature. The $356 million portion is tied to sales taxes in the development area and starts accruing interest in 2028. A separate $200 million bond issue will cover project costs and reimburse property taxes. Big ambitions: Located near key landmarks like the Mercedes-Benz Stadium, Centennial Yards aims to be a pedestrian-friendly district with 16 blocks of residential, retail, and entertainment space. The project is on a tight timeline, aiming to complete the entertainment district before the 2026 FIFA World Cup, which will be held nearby. ? THE TAKEAWAY Strong demand: High-yield munis are hot in 2024, delivering 6% returns and outpacing investment-grade munis by 5 points. David Mann of Manulife says the success of bonds like those for Centennial Yards hinges on the completion of key projects like hotels and apartments. CIM's similar Miami Worldcenter bonds, due in 2041, tightened from a 5.25% yield to about 4.8%, showing strong demand for riskier debt.

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