Client:
- Old Prosper Partners
Location:
- Denton County, Texas
Green Meadows is the first of many projects we have had the pleasure of collaborating with Old Prosper Partners on, and we have enjoyed becoming part of their development team as they make their mark in key locations throughout North Texas. Teague’s strategy of building an all-star group of professionals and giving each person the freedom to excel in their area of expertise- has consistently delivered results across numerous projects, including Green Meadows, Craver Ranch, and Colmena, among others.
Most notably, the friendship and trust between our firms are so strong that Teague paid cash for about 2,500 acres of land after a quick Saturday phone call asking if he could create a district on it – of which is now set to be the most coveted piece of property is Collin County.
About the Community
Denton County stands among the fastest-growing counties in Texas and the nation, home to over 1 million residents spread across 953 square miles. Strategically positioned in the northeast corridor of the county, Green Meadows master-planned single-family community was crafted to meet the escalating demand for exceptional homes and thriving neighborhoods.
At full build-out, Green Meadows will include approximately 2,574 single-family homes, delivered by 4 award-winning homebuilders known for excellence in both construction and design. These established builders include Grand Homes, Perry Homes, TriPointe Homes, and K. Hovanian Homes. The development prioritizes community, livability, and integration with nature, featuring extensive green space and a planned network of walking and biking trails.
The community offers a robust amenity package, including a 10,000-square-foot fitness center with party rooms, event space, and a full kitchen. Families can also enjoy two 30-foot waterslides, a kiddie pool, and an outdoor amphitheater designed for community events and entertainment. Green Meadows is served by highly rated Celina and Prosper Independent School Districts.
Innovative Public Finance
Green Meadows represents a significant achievement in public finance and infrastructure funding. With a total public PID Assessment bond par amount of over $146 million– comprised of $82.2 million from Major Improvement Area (MIA) bonds and $64.1 million from Improvement Area #1 (IA #1)—our team successfully structured the financing to reimburse 100% of eligible public infrastructure costs for our clients. This achievement enabled private funding to be redirected toward delivering enhanced amenities and a higher-quality community experience.
When our firm joined the project, Green Meadows was intended to operate under a Water Control and Improvement District (WCID) with taxing authority. We added substantial value by successfully overlaying a County-created Public Improvement District (PID), with assessment authority to provide upfront bond financing. This approach reduced financial risk to future homeowners while enabling accelerated infrastructure delivery.
A Historic First in Texas
Green Meadows is now recognized as the largest sole PID bond issuance in Texas history. This project serves as a prime example of how our team pitched and executed a customized financing structure tailored specifically to a POD sale model, as opposed to the traditional finished lot sale model.
This transaction posed a unique challenge because it was one of the first bond transaction to include both a master developer and multiple pod builders. Given this unique ownership structure, we overcame obstacles including educating industry professionals across all facets of the business, explaining the need to structure the deal and draft legal documents in a new way, and getting everyone on board with why our well-thought-out plan was not only necessary but also the best outcome.
A Prime Example
This will now serve as the prime example for how PID sale transactions are structured, especially as they gain traction as a new way to deliver large-scale master-planned communities. The one-of-a-kind financing structure delivered funds to four different entities to begin construction. Our team acted in a unique role, connecting and organizing the moving parts of the transaction to ensure timely delivery of necessary information from the master developer and pod developers, keeping the financing on track despite the complexity of having four clients in one bond issuance—where typically there would only be one.
This bond issuance is only the first of several anticipated to occur, with additional bonds for internal infrastructure in future phases expected as the community grows.
This deal sets a precedent in Texas for how creative public finance solutions can support large-scale residential growth, while delivering long-term value to both developers and the communities they serve.
Solution Details
Innovative Public Finance
Green Meadows represents a significant achievement in public finance and infrastructure funding. With a total public PID Assessment bond par amount of over $146 million– comprised of $82.2 million from Major Improvement Area (MIA) bonds and $64.1 million from Improvement Area #1 (IA #1)—our team successfully structured the financing to reimburse 100% of eligible public infrastructure costs for our clients. This achievement enabled private funding to be redirected toward delivering enhanced amenities and a higher-quality community experience.
When our firm joined the project, Green Meadows was intended to operate under a Water Control and Improvement District (WCID) with taxing authority. We added substantial value by successfully overlaying a County-created Public Improvement District (PID), with assessment authority to provide upfront bond financing. This approach reduced financial risk to future homeowners while enabling accelerated infrastructure delivery.
A Texas First
A Historic First in Texas
Green Meadows is now recognized as the largest sole PID bond issuance in Texas history. This project serves as a prime example of how our team pitched and executed a customized financing structure tailored specifically to a POD sale model, as opposed to the traditional finished lot sale model.
This transaction posed a unique challenge because it was one of the first bond transaction to include both a master developer and multiple pod builders. Given this unique ownership structure, we overcame obstacles including educating industry professionals across all facets of the business, explaining the need to structure the deal and draft legal documents in a new way, and getting everyone on board with why our well-thought-out plan was not only necessary but also the best outcome.
A Prime Example
A Prime Example
This will now serve as the prime example for how PID sale transactions are structured, especially as they gain traction as a new way to deliver large-scale master-planned communities. The one-of-a-kind financing structure delivered funds to four different entities to begin construction. Our team acted in a unique role, connecting and organizing the moving parts of the transaction to ensure timely delivery of necessary information from the master developer and pod developers, keeping the financing on track despite the complexity of having four clients in one bond issuance—where typically there would only be one.
This bond issuance is only the first of several anticipated to occur, with additional bonds for internal infrastructure in future phases expected as the community grows.
This deal sets a precedent in Texas for how creative public finance solutions can support large-scale residential growth, while delivering long-term value to both developers and the communities they serve.
A Special Thanks
We would also like to extend a special thank-you to Judge Andy Eads, Commissioner Ryan Williams, and County Administrator Jody Gonzalez, whose support was instrumental to our success, along with the continued partnership of city council and staff.
