Green Bank Joins Select Group Financing Dynamo Stadium
$77 million project, five years in the making, expected to bolster Houston economy.
- Houston, TX (1888PressRelease) March 03, 2011 - Green Bank was in attendance yesterday, when Dynamo Stadium, LLC closed on their advancing term loan to finance construction for Houston's first Major League Soccer facility. Green Bank beat out nearly ten other financial institutions to join a small contingent of banks funding the construction loan.
The stadium construction costs are expected to total $77 million, which will be financed in part by equity from the Houston Dynamo's ownership group, a Tax Increment Reinvestment Zone jointly funded by the City of Houston and Harris County, and Texas Southern University. The remainder will be covered by the $33 million construction loan, 21 percent of which is financed by Green Bank.
The highly-visible stadium deal is expected to be a significant economic magnet for the surrounding community, revitalizing the East End of downtown Houston, creating jobs and peripheral business opportunities. Green Bank's participation in the deal came about after an initial 2010 meeting between Oliver Luck, then-president of the Houston Dynamo, and Carolina Máynez-Viñas, a commercial banking vice president at Green Bank.
"Oliver made it known that he wanted to work with local banks to get this deal done, and we let him know that we'd be thrilled to participate," said Máynez-Viñas. "It was definitely a case of everyone meeting at just the right time."
With bank financing now in place, construction is expected to begin this month, with the stadium slated to open in April 2012, in time for the team's 2012 season. The project is expected to bring 1,500 jobs to Houston, and operation of the completed stadium will generate more than 300 permanent jobs.
"We were pleased to be invited to participate in this important project that bridged private, state, city and county partners," said Houston Market Manager Glen Bell. "Green Bank continues to prove itself as a full service bank that can meet multiple needs across the market with commercial loans, lines of credit and owner-occupied real estate loans in the $1 to $15 million dollar range."
About Green Bank
Green Bank, N.A. is a wholly owned subsidiary of Green Bancorp, Inc. Headquartered in Houston, the bank focuses on the commercial and private banking needs of middle market businesses and individuals with innovative products and personal attention.
Green Bank is committed to streamlining processes, preserving resources and performing to a higher standard. Green Bank employees are empowered to work toward long-term goals and make sound lending and investment decisions.
Green Bank, N.A. is a federally chartered bank regulated by the Office of the Comptroller of the Currency, a division of the Department of the Treasury of the United States. http://www.greenbank.com
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