Ballard Spahr Advises The Michaels Organization on $305 Million Bond Issuance for Army Housing

Attorneys from Ballard Spahr’s national Finance Department served as transaction counsel for a $305 million bond issuance closed today by MMH Master LLC, an affiliate of The Michaels Organization, to help fund the company’s $500 million investment in its U.S. Army housing portfolio over the next five years.

The Michaels Organization—a leading residential real estate development, construction, management, and investment firm—has been a private-sector housing partner to the U.S. Department of Defense for 20 years.

The housing development plan, created in conjunction with Army leadership, includes construction of new homes, rehabilitation of historic homes, and interior and exterior renovations of other existing homes. In addition to the bond issuance funds, Michaels plans to make a significant investment in new infrastructure and amenities for service members and their families, bringing the company’s total investment in the Army housing portfolio to more than $500 million over the next five years.

The effort targets housing at Fort Belvoir in Virginia, Fort Leavenworth in Kansas, Fort Moore in Georgia, Fort Irwin and Presidio of Monterey in California, and Fort Huachuca and Yuma Proving Ground in Arizona.

The Ballard Spahr team that worked on the transaction was led by Partner Jere G. Thompson, and included Partner Kimberly D. Magrini and Associates BK Katzmann and Ethan A. Anderson. Stifel Nicolaus & Co., Inc., served as the underwriter for the transaction.

For more information, please see The Michaels Organization press release.

For media inquiries, please contact Bill Shralow at 215.864.8195.