The Michaels Organization has secured financing to support investing more than $500 million in its U.S. Army housing portfolio during the next five years.
The substantial reinvestment, the largest since Michaels became a private-sector partner to the U.S. Department of Defense, will be funded partly by existing project-reinvestment funds and partly by a first-of-its-kind $305 million bond issuance, which achieved a successful financial closing on March 6, thanks to a team of financiers, attorneys, and investors.
The development plan, created in conjunction with Army leadership, includes the construction of new homes, rehabilitation of historic homes, and interior and exterior renovations of existing homes. Michaels also plans a significant investment in new infrastructure and amenities for service members and their families. This endeavor will impr
