Texas Infrastructure Program Secures $196M to Fund Growth in Cypress Green and Sunterra Communities
The Texas Infrastructure Program (TIP) has closed on a landmark $196 million in Revenue Anticipation Improvement and Refunding Bonds, marking the largest Municipal Utility District (MUD) receivable financing in Texas to date. This financing, benefiting Starwood Land communities including Cypress Green and Sunterra in the Cypress and Katy areas, is poised to directly impact local residents by accelerating infrastructure development and supporting the continued growth of housing options.
This groundbreaking transaction is more than a financial milestone—it’s a key mechanism for getting roads, utilities, parks, and other essential infrastructure in place faster in some of the region’s fastest-growing neighborhoods. In particular, Sunterra, recently ranked as the top-selling residential community in Texas, and the nearby Cypress Green development, will benefit from faster reimbursements and reinvestment into additional housing and amenities.
“This transaction exemplifies the power of collaboration, perseverance, and a shared vision,” said Mike Libera, Managing Director at SAMCO Capital Markets, a Texas-based financial advisor and underwriter specializing in long-term public finance strategies. “Our team’s ability to structure this financing has made it possible for Starwood Land to redeploy critical capital to serve the housing needs of Houston’s rapidly expanding population.”
What This Means for Cypress-Area Residents
Municipal Utility District (MUD) financing allows developers to front the costs of infrastructure—like water, sewer, roads, and drainage systems—and receive reimbursement through bonds repaid over time via property taxes. Until recently, developers had to wait years for reimbursement, slowing down construction and limiting how fast new homes could be delivered. This bond issuance, underwritten by Piper Sandler, a nationally recognized investment bank with deep expertise in municipal finance, changes that timeline.
By enabling developers like Starwood Land—a prominent real estate investment firm focused on large-scale, high-quality community development—to recoup costs earlier, this funding helps keep housing prices more attainable and allows for quicker construction of community features such as trails, playgrounds, and clubhouses.
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“These tools are essential in today’s environment where traditional sources of capital are expensive and the cost of goods and labor are rising,” said Mike Ryan, Managing Director at Piper Sandler. “We hope this tool can help developers and homebuilders continue to deliver high-quality communities in Texas at an attainable price point.”
For local families looking to buy in Cypress Green or Sunterra, this means more homes, delivered faster, in neighborhoods built to last.
Innovation in Infrastructure Financing
This latest transaction reflects the third major innovation pioneered by TIP in just a few short years. In 2021, TIP completed the first public MUD receivable bond offering in Texas. In 2023, the program followed up with the first tax-exempt MUD bond financing, providing lower borrowing costs and greater efficiencies. The current $196 million deal represents the first-ever refinancing of a MUD receivable bond—an important evolution that gives developers flexibility and investors proof of long-term viability.
TIP is a leader in crafting tax-exempt bond solutions that support Texas infrastructure. The program’s mission is to help communities grow sustainably by creating innovative financing models that bring housing and amenities to market faster.
“This transaction represents an important milestone in a rapidly developing, but still new capital market for infrastructure financing in Texas,” Ryan said. “Through Starwood Land’s strong performance since the initial bonds were issued, this refinancing provides proof of concept for both investors and developers.”
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Supporting Long-Term Community Viability
For families and homebuyers in Cypress, the significance goes beyond new roads and homes. Well-planned infrastructure, delivered on time, enhances daily life, reduces long-term maintenance costs, and supports property values. Developments like Cypress Green and Sunterra are already attracting buyers drawn to the combination of quality homes, community amenities, and convenient access to the West Houston area.
“Successful infrastructure financing isn’t just about raising capital,” added Libera of SAMCO Capital Markets. “It’s about designing mechanisms that make long-term development viable, sustainable, and efficient. Every dollar strategically reinvested today has the potential to shape communities for decades.”
Looking Ahead
As housing demand continues to surge across Greater Houston, this record-setting bond transaction positions Cypress and surrounding areas to handle that growth efficiently and effectively. With collaboration between experienced players like Starwood Land, Piper Sandler, SAMCO Capital, and the Texas Infrastructure Program, residents can expect well-planned, high-quality communities to continue taking shape—bringing more homes, better infrastructure, and enhanced amenities to the region.
“The future of housing development depends on creative financing solutions,” said Libera. “By unlocking the value of future MUD reimbursements today, we’re not just accelerating growth—we’re redefining how infrastructure is funded in Texas.”
Tiffany Krenek has been on the My Neighborhood News team since August 2021. She is passionate about curating and sharing content that enriches the lives of our readers in a personal, meaningful way. A loving mother and wife, Tiffany and her family live in the West Houston/Cypress region.
