Pioneering Private TOD Financing for a Federal Loan Program
The Challenge
The U.S. Department of Transportation’s Build America Bureau (the Bureau) is financing its first-ever private real estate transit-oriented development—an ambitious mixed-use project at the Boca Tri-Rail station in Palm Beach County. The loan would be secured by future rental revenues, introducing a new credit type to federal transportation lending.
The Approach
Rebel served as the Bureau’s financial advisor for Boca Raton’s proposed loan for the project at the Tri-Rail station in Palm Beach County, Florida. Rebel shaped a market-backed credit structure to support a ~$100M RRIF loan. This required conducting residential and commercial rental market analysis, financial stress testing, and due diligence to guide the loan underwriting. Rebel continued to actively support loan negotiations to ensure the project reached financial close.
Impact
The project will further encourage commuter rail use in a congested region and offer housing alternatives for a region in need of new housing.
