The multifamily housing endeavors are being developed under the US Military's congressionally mandated Military Housing Privatization Initiative, a tool designed to improve the country's stable of military housing through private sector financing and development.

The bond issuance is a unique one in that most of the bonds achieved a Aaa rating by Moody's Investor Services without the security of bond insurance or credit enhancements; remaining bonds received Moody's ratings of Aa3 and A3. More to the point, the new bond issuance allows Clark Realty to refinance existing bonds on the multifamily projects that were originally closed in late 2003 and early 2004 and given an A- debt rating from Standard & Poor's. "I welcome Clark's work to restructure its financing because it makes more money available to put into houses; that's good for soldiers," Fort Belvoir installation commander Col. TW Williams says.

At Fort Belvoir, an eight-year plan is under way, during which Clark Realty will replace over 1,600 residences with new homes and apartments, and develop new recreational facilities. At Fort Irwin, Clark Realty broke ground on the first phase of an eight-year project that will ultimately replace 385 homes with 715 residences, and result in the development of a 25,000-sf community center and the Irwin Town Center, which will sport 20,000 sf of retail and rental housing.