Loading...
HomeMy WebLinkAboutProfile~Sponsor Issuer & Underwriter PDFCalifornia Municipal Finance Authority –“CMFA” The Agency The California Municipal Finance Authority’s (“CMFA”) mission is to support economic development, job creation and social pro grams throughout the State of California while giving back to California communities. By supporting our member communities and thei r local charities with a portion of the revenue generated through the issuance of taxable and tax -exempt bonds for public, private and non-profit entities, the CMFA is able to directly contribute to the health and welfare of the residents of California. The CMFA shares 25% of all issuance fees directly with its member communities. In addition, a grant equal to 25% of the issua nce fee is made to the California Foundation for Stronger Communities (“CFSC”) to fund charities designated by the member communities. A portion of the annual fees received by the CMFA will also be directed to charitable activities within California communities. This un ique commitment to “give back” directly to the communities in which we operate sets the CMFA apart. Responsive, Flexible Service We are here to serve.Borrowers are providing the public benefit to the community and we are focused on being responsive and fl exible to help facilitate worthy public benefit projects. Cost Effective The CMFA strives to maintain a fee structure that is lower than other conduit issuers. In addition to lower borrowing costs w ith the CMFA, you get the best service and a partnership with the local community. Annual fees are based on the outstanding balance of the bonds at the anniversary of bond issuance, not the original balance.This results in considerable savings over time when issuing amortizing debt. While you will pay less using the CMFA, the communities where the projects are located benefit because of our fee sharing dis cussed below. Community Focused One of the unique aspects of CMFA is the sharing of issuance fees with the host community for each project.This fee sharing arrangement has been very well received by both municipalities and borrowers. Over $20 million has been given back to municipalities and worthy California 501c3 non -profits thanks to the CMFA fee sharing. Underwriter Overview Jefferies is a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. Jefferies Group offers a full range of investment banking, equities, fixed income, asset and wealth management pro ducts and services. Jefferies pioneered the workforce housing structure in California in 2019 with the first Essential Housing Bonds issuance on behalf of the California Community Housing Agency Since the inception of the structure, two additional governmental agencies have created substantially similar programs in Cal ifornia and Jefferies has executed transactions with two of the three joint powers agencies in this space. Jefferies has sole managed 50%of the transactions across these programs, making Jefferies the #1 senior underwriter Since 2019, and has sole managed $2.1 billion across 12 transactions, providing 3,988 units of workforce housing. Jefferies has continued to provide innovative solutions in this program including leading the first issue structured with senior and junior tranches, which have provided lower interest costs to the JPAs. Jefferies Investment Banking is a global leader, offering deep sector expertise and broad advisory and capital markets capabi lities to corporate and financial sponsor clients. With approximately 900 investment banking professionals across the Americas, Europe and Asia, we provide global coverage across all products and sectors. Public Finance offers over 40 professionals located in nine cities throughout the United States and completed over 460 bookrun underwriting transactions with aggregate value of more than $88 billion since the beginning of 2016 HomeFed Corporation is a real estate development company that specializes in creating vibrant, mixed -use master-planned communities that combine innovative placemaking techniques and environmental stewardship. Incorporated in 1988 and headquartered in Carlsbad, California, HomeFed is known for undertaking large, complex, environmentally challenging projects that require long-term investments. The Sponsor attributes its success to financial prudence, creative land planning, and a collaborative team approach with stakeholders and development partners. The Sponsor owns a portfolio of successful projects in California and along the East Coast from New York to Florida. These real estate assets are managed by an experienced group of executives who have backgrounds in architecture, community planning, project entitlement, engineering, finance and marketing. Supporting HomeFed’s management team are a significant number of important relationships with real estate attorneys, land planners, engineering firms, and various development professionals. HomeFed has been rewarded with the most prestigious community design awards in the building industry, including a Gold Nugget Grand Award for the San Elijo Hills Towncenter-National Association of Home Builders. In addition to its community development projects, HomeFed owns several undeveloped properties in various stages of planning and entitlement, as well as income producing real estate assets. HomeFed Corporation is a wholly-owned subsidiary of Jefferies Financial Group, a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. Jefferies is traded on the New York Stock Exchange (NYSE: JEF). Sponsor Overview HomeFed Projects Chris Foulger President Chris Foulger is President of HomeFed. As President, Chris provides overall strategic direction for HomeFed’s operational and development entities. Prior to joining HomeFed in 2005, Chris was Vice President of Cottonwood Partners, an office building developer and pension fund advisor with assets throughout the country. A member of the Urban Land Institute, he has a bachelor’s degree in Economics from the University of Utah and a master’s degree in Real Estate Development from the Massachusetts Institute of Technology. Erin Ruhe Chief Operating Officer Erin Ruhe is Chief Operating Officer of HomeFed. Erin, who joined the Sponsor in 1994, is responsible for corporate operation s, accounting and (formerly SEC reporting when HomeFed was a publicly traded under the ticker HOFD), budgeting, risk management, treasury, corporate governance, internal control compliance and human resources. Previously, she spent nine years with The Douglas Allred Company, a San Diego -based real estate development and asset management firm. She holds a bachelor’s degree from San Diego State University and a Certificate of Accounting from the Unive rsity of California, San Diego. Kent Aden SVP & Senior Development Manager Kent Aden is Senior Vice President and Senior Development Manager at HomeFed and President of HomeFed Communities. Kent joine d the firm in 2012 and is responsible for overseeing master-planned communities in CA and FL. A licensed architect, he has 30+ years of management experience in all phases of planning, entitlements, land development and home building and has been involved in the development of 23k homes in Southe rn CA. Kent is a former President of the San Diego Building Industry Association and chaired the 2008 Pacific Coast Builders Conference. He earned a master’s degree in Business Administration from California State University, Fullerton, and a bachelor’s degree in Architecture from the California Polytechnic State University, San Luis Obispo. Steve Levenson VP, Development Steve Levenson is Vice President of Development at HomeFed. He is responsible for ground -up vertical development activities within HomeFed’s communities, including apartments and commercial projects. Prior to joining HomeFed in 2014, Steve was President of a develop ment company that specialized in the entitlement, and rehabilitation of for-sale and rental residential properties in the southwest/western US comprising over 12k lots/units. With more than 30 years of experience in real estate, Steve has overseen projects in CA, NV, NM, TX, FL, and the Pacific Nort hwest. Steve graduated with a bachelor’s degree in Business Administration, specializing in Real Estate, from the University of Texas at Austin, and is a l icensed Real Estate broker in CA and TX. Shaun Bradley VP, Affordable Housing Shaun Bradley is Vice President of Affordable Housing at HomeFed. Shaun specializes in the multi -family industry and has experience with more than $1.5 billion in transactions over his career. As Vice President, Shaun spearheads and manages the acquisitions process for the fir m’s specialized investments, with an emphasis on creation and preservation of affordable housing. Shaun also pursues non -traditional opportunities on behalf of the Sponsor, sourcing, analyzing, and structuring creative acquisition and investment opportunities. Prior to joining HomeFed, Shaun served in senio r leadership for a large, privately-held affordable housing developer utilizing bond/tax credit financing. Shaun earned his degree from Gonzaga University in Spokane, Washington. Executive Team In 1994 Leucadia National (Jefferies Financial Group’s predecessor company) acquired a majority stake in HomeFed from the RTC. Over the next several years, HomeFed was positioned as a development company, restructured with a team of seasoned real estate executives and infused with capital. Bolstered by these resources, the Sponsor has delivered compounded annual returns of 14% to shareholders, all while using conservative levels of debt. Optimistic about HomeFed’s future prospects, Jefferies Financial Group took the Sponsor private in July 2019. Leucadia National Corporation buys a majority stake from the RTC, establishes the company as a real estate development company, and separately acquires San Eljo Hills HomeFed acquires 5,000 acres of the Otay Ranch at a probate court auction First residents move into San Elijo Hills HomeFed acquires Leucadia's interest in San Elijo Hills for stock San Elijo Hills is awarded Master Planned Community of the Year by the National Association of Homebuilders HomeFed sells 1,445 acres of Otay Ranch and recovers its purchase price for the 5,000-acre 1998 purchase HomeFed acquires the 2,100-acre Rampage Vineyard in Madera County, CA San Elijo Hills sells its 2,000th home HomeFed purchases the 2,600-acre Fanita Ranch in Santee, CA at auction HomeFed purchases the 499-home Ashville Park community in Virginia from Wells Fargo HomeFed acquires Leucadia’s real estate assets in New York, South Carolina, Florida, California and Maine for $225MM and San Elijo for stock HomeFed and Muss Development complete the $44MM remodel of the Marriott at the Brooklyn Bridge HomeFed forms a partnership with Brookfield, Cal Atlantic and Shea to build the first 944 for sale homes in Escaya, HomeFed’s first community in Otay Ranch Escaya has its grand opening and sells more than 350 homes in its first year HomeFed and Muss complete $300MM financing of Renaissance Plaza office condominiums in BKLYN HomeFed raises $125MM in EB-5 HomeFed starts construction on Cota vera, the Company’s 2nd masterplan in Otay 1988 1994 1998 2000 2002 2003 2005 2011 2012 2014 2015 2016 2017 2018 2019 Jefferies takes HomeFed private Track Record