By Stephen Nakrosis
The Braddock Lakes Community Development District of Jacksonville, Fla., is offering some $20 million of capital-improvement revenue bonds, with proceeds slated for portions of a capital-improvement plan.
The tax-exempt bonds will be issued in three tranches, according to documents posted on MuniOS. The first tranche of $3.39 million in term bonds will be due May 1, 2035. The second tranche of $6.11 million term bonds has a due date of May 1, 2045, and the final tranche, of $10.8 million in term bonds, is due May 1, 2055.
The deal is expected to price on Oct. 16 and to close on Oct. 30. The bonds are secured by a trust estate, which includes pledged revenues and funds. Interest rates and yields haven't been set.
The capital-improvement program includes water, sewer and signal improvements, stormwater management, and landscaping and sidewalk improvements, among others. The estimated cost of the program is about $38 million. Portions of the capital-improvement plan not funded with proceeds from the offering are expected to be funded with proceeds from the developer.
The Aspen Trail development in the Braddock Lakes District is being actively developed by Richmond American Homes of Florida, a subsidiary of Sekisui House U.S., as of November 2024. The development is being marketed as a family-friendly community with convenient and quality housing at attainable prices, and is currently planned to include 432 single-family residential units.
The bonds are not rated, nor has a rating been applied for. The offering is being limited to accredited investors.
Jefferies is listed as the offering's manager.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 07, 2025 12:00 ET (16:00 GMT)
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