Add to Report View Custom Report

Pflugerville Developers Refinance $24M Texas Waterpark

Thursday, March 09, 2017

The Pflugerville Community Development Corporation (PCDC) in Texas has refinanced its outstanding $24m loan through Hancock Whitney Bank following a restructure headed by the organisation’s financial advisor, First Southwest of Dallas.

The loan was originally secured by PCDC in 2014 for the purchase of a 25-acre tract of land and development of the waterpark in the city of Pflugerville, now known as Typhoon Texas.

PCDC said it had refinanced the remaining balance to take advantage of current low market interest rates.

“The PCDC has grasped favourable market conditions to refinance their $24m waterpark loan,” said Pflugerville Mayor Victor Gonzales.

“The Pflugerville City Council has authorised the PCDC to refinance to a 15-year loan, which removes any City of Pflugerville loan obligations and responsibly locks in a competitive interest rate.”

The groundwork for the PCDC refinance began last year, according to PCDC executive director Amy Madison.

“We focused in 2016 on laying a solid financial foundation to prepare for this refinance to include land sales, debt retirement, recruitment of a new park operator, and strong fiscal management of available resources,” Madison stated.

“The fact that we were able to refinance our loan with this favourable interest rate in a long-term loan is a testament to what we’ve been able to accomplish financially.

“Now, we can better focus on the business of economic development and bringing new businesses to Pflugerville.”

In January, PCDC approved Typhoon Texas as the new operator of the waterpark in Pflugerville. Typhoon Texas expects to invest at least $4.5m into the park before opening this May for its first summer season.

This is the second location for Typhoon Texas, which opened its first park last year just outside of Houston in Katy, Texas.

Adrian Lennox, Interpark, 3/9/2017, interpark.co.uk

Category: Media

Fast Fact Photo

Excellent Healthcare

With 3 healthcare facilities in town and 7 hospitals within less than 20 miles, Pflugerville's healthcare rivals that of any major metropolitan area.

Excellent Healthcare
Fast Fact Photo

High Income

Pflugerville has a median household income well above

$80,000

That's nearly double the national average.

Household Income
Fast Fact Photo

The Fun Life

A close proximity to Austin and Round Rock provides a wealth of entertainment and recreation opportunities

The Fun Life
Fast Fact Photo

A good time to buy

Home Appreciation in Pflugerville, TX is up 9.4% in the last 12 months.

Sperling's Best Places

Housing
Fast Fact Photo

Extra Sunshine

Pflugerville has 26 more sunny days per year than the national average. That's almost a month of extra pool parties and BBQ's!

Climate
Fast Fact Photo

Smart Cookies

With 28 universities and colleges in close proximity to Pflugerville, it's no surprise that nearly 40% of residents hold a Bachelor’s degree or higher.

Education