Lapis invests in municipal securities and direct loans. We focus on opportunities secured by public-purpose assets including airport facilities, community infrastructure, charter schools, colleges and universities, government facilities, essential and student housing, and more.
We target investments in municipal securities and direct loans secured by public-purpose assets within tangible collateral and predictable cash flow. We enhance value through active management with the goal of positioning assets for long-term stability and success.
At Lapis, we recognize the municipal market functions at the intersection of finance and community assets that produce broad social benefits. We specialize in crafting capital solutions while balancing the needs of multiple stakeholders.
A commercial and residential land district in Denver, CO. Lapis enabled the continuation of the final phases of district land development by providing a two-year financing solution to repay outstanding developer advances.
A charter high school founded in 1998 and located in Philadelphia, PA. Lapis supported the school with the acquisition of its real property by facilitating a tax-exempt municipal bond financing that preserved the school’s property tax-exemption.
A student apartment project located in Winooski, VT that primarily serves students attending the University. It was developed as one component of a publicly financed program to remove urban blight. Lapis retained a professional, student-focused property management team to improve operations while also adjusting the ownership structure and securing a long-term parking solution.
The Event Center is a 5,000-seat arena in Prescott Valley, AZ utilized for conventions and trade shows, minor league sports events, concerts, and local community activities. The arena filed for Chapter 11 Bankruptcy due to insufficient operating cash flow, necessitating a trigger of the backstop sales tax pledge. Lapis, the city, and the existing property owner prepared a joint plan of reorganization that included a bond exchange of taxable to tax-exempt bonds supported by the existing sales tax pledge whereby the city would maintain oversight of the arena for the benefit of the community.
DISCLAIMER: Sample transactions have been selected to demonstrate the firm’s investment approach and are not necessarily representative of all investments made. These examples were chosen based on non-performance criteria. There can be no assurance that similar opportunities will be available in the future.