According to the San Francisco-based developer, approximately $17 million in bonds were sold to finance public infrastructure improvements in the North District, which is located adjacent to Pacific Bell Park. The improvements will serve the initial residential projects currently under construction in the District, including the Avalon Bay Communities 250-unit apartment complex and the SFRA's 100-unit Orlando Cepeda Place affordable housing project.

In the South District, $54 million of bonds were sold to finance infrastructure and park improvements serving Catellus' initial corporate and life sciences campuses which include a 283,000 sf office building under construction for Gap, Inc. and the University of California San Francisco biotech campus.

The North District bonds are secured by a letter of credit arranged by Bank of America Securities LLC and provided by Bank of America NA and BNP Paribas, and have a floating rate of interest initially set at 2.85%. A majority of the South District bonds have either 25 or 30-year maturities but include serial maturities as well. The overall issuance carries a fixed rate of interest with an average coupon rate of 6.02%.