D.A. Davidson Closes $30M in Bonds for Community Development Authority in Virginia

Funds will finance public infrastructure improvements serving a mixed-use master planned golf resort community

D.A. Davidson’s Special District Group, a nationally recognized team of capital market professionals, has successfully priced and closed $30 million of special assessment bonds for Cutalong II Community Development Authority (CDA). The financing will fund the installation of public infrastructure improvements serving a mixed-use master planned golf resort community known as Cutalong at Lake Anna, encompassing approximately 1,000 acres in Louisa County, Virginia.

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Image of the golf course at Lake Anna (Photo: Business Wire)

“Our public financing solution is well-known in markets across the Intermountain West, but its impact expands far beyond just one region, and we are proud to partner with clients who have projects across the nation to help them achieve their development goals,” said Brennen Brown, managing director at D.A. Davidson, Special District Group. “As this transaction represents our entrance into a new market and a continued partnership with Stillwater Equity Partners, we look forward to joining the team in another project as they curate Cutalong at Lake Anna.”

Cutalong at Lake Anna will be a vibrant resort community designed to attract economic growth, recreation and golfing enthusiasts.

Lake Anna is known as an attractive vacation destination in Central Virginia and draws millions of visitors for camping, water sports, hiking and other outdoor recreation activities. Cutalong at Lake Anna fulfills the well-rounded lifestyle and vacation experience with the introduction of the first private golf course community at Lake Anna. The championship course, designed by renowned architect Tom Clark, totals 7,399 yards and began operations in 2020.

Ideally situated between Washington, D.C., Richmond and Charlottesville, the CDA located at Lake Anna consists of approximately 743 acres and has master plan approvals for the development of a mixture of 80,000-square-feet of commercial space, 876 residential units including single-family homes and spacious homesites, a 125-room hotel property, the 18-hole championship golf course, golf villas and a world-class amenity package at a marina.

“Cutalong at Lake Anna will have something for everyone, and any amenity-rich and sustainable community requires complex financial mechanisms to support its infrastructure needs,” said Parker Enloe, principal at Stillwater Equity Partners. “No matter the market, D.A. Davidson’s Special District Group continues to be our public financing partner of choice based on their adaptability, intentional approach, extensive experience and collaborative nature as a firm.”

Development within the CDA is anticipated to be undertaken in several phases, with the first phases focused on the buildout of the residential lots, golf villas and member cottages duplex homes. The remaining phases of development will be dedicated to additional residences and a Resort Activity Center, a fully functioning marina and family village, consisting of approximately 130 turnkey villas and cottages which will be available as nightly rentals. Planned amenities include swimming pools, tennis, pickleball courts, a restaurant, an event center, an outdoor amphitheater, fitness facilities, floating docks that can accommodate up to 92 boat slips and a dry dock to store boats in the winter.

Powered by decades of industry experience, D.A. Davidson’s Special District Group has significantly grown this past year across the nation, especially in Colorado, Utah and Idaho, successfully completing more than 100 transactions, totaling more than $2 billion to fund public infrastructure to support development projects through the issuance of municipal bonds. For more information on D.A. Davidson’s Special District Group, visit: https://dadavidson.com/specialdistrictgroup.

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,475 employees and offices in 28 states.

Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services. For more information, visit dadavidson.com.

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