Tower has implemented as a principal the workout and recovery of over $300 million in defaulted real-estate-secured municipal bonds and debt in California, New York, Georgia and Pennsylvania.

For almost three decades, Tower’s principals have specialized in restructuring defaulted California real estate–secured municipal bonds. These bonds were typically issued to finance infrastructure improvements such as roads, water systems, sewer, and storm drainage for new developments, and are secured by special tax liens on the underlying property.

When landowners fail to make required special tax payments, the bonds may fall into default. Tower’s strategy is to purchase the bonds at a discount and obtain control of the underlying land through foreclosure or negotiated purchase. Tower then works with the public agency to restructure the financing, which may include refunding the bonds, modifying the Rate and Method of Apportionment, and completing the project entitlements.

Through this process, Tower’s workout strategies have helped restore financial stability to distressed developments and facilitate the completion of residential and commercial communities, often in partnership with homebuilders.

1) Antelope Valley East Kern Water Agency, Acton, CA
2) Allegany County, Cuba, NY
3) City of Big Bear Lake, CA
4) Calaveras County, Valley Springs, CA
5) Central San Joaquin Financing Authority, Mendota, CA
6) Delaware County, Boothwyn, PA
7) City of Dos Palos, CA
8) City of Chowchilla, CA
9) City of Hesperia, CA
10) City of Ione, CA
11) Monroe County, Rochester, NY
12) City of Oroville, CA
13) City of Palmdale, CA
14) City of Pittsburg, CA
15) City of Placerville, CA
16) City of Redding, CA
17) City of San Jacinto, CA
18) City of Savannah, GA
19) City of Selma, CA
20) City of Sonora, CA
21) Sierra Nevada PFA, Shaver Lake, CA
22) City of Tehachapi, CA
23) Val Verde Unified School District, Moreno Valley, CA
24) City of Wheatland, CA
25) City of Yuba City, CA
26) Manhattan, City of New York City, NY