In 2009, Miami-Dade County hired SAG Principal, David Abrams, while at another firm, to lead the $320 million bond financing for the construction of a new Major League Baseball Stadium for the Miami Marlins. The financing consisted of five series of bonds consisting of tax-exempt and taxable debt secured by tourism taxes levied in the County. The financing was accomplished during very challenging financial markets with a variety of maturity structures and with the assistance of bond insurance and underlying ratings of A2/A+/A.
In 2010, Mr. Abrams led a separate transaction of $101 million that funded the parking facilities at the new stadium. The City’s bonds were secured by multiple revenue sources including a capacity payment by the Team for utilizing the parking structures.
Project Components: Major League Baseball Stadium with retractable roof (36,700 seats) and adjacent parking garages
Project Value: $320 million stadium, $101 million adjacent parking garages