Bancroft Closes First Negotiated Senior-Managed Transaction
Posted: July 30, 2026
FORT WASHINGTON, Pa. – Bancroft Capital announced today the closing of its first negotiated senior-managed municipal bond transaction, a taxable financing on behalf of the Trinity Ridge Co-Living and Private Apartments Project.
“This transaction represents a major milestone for our firm as we continue building a full-service broker/dealer and investment bank,” said CEO Cauldon Quinn. “I am incredibly proud of our entire team that worked tirelessly for so long to complete this transaction.”
The taxable municipal limited offering, brought through the Wisconsin Public Finance Authority, totals $16.45 million and finances the Trinity Ridge development project in Los Alamos, New Mexico. The non-rated deal featured two tranches, each with a five-year final maturity – a $12.41 million senior series priced with an 8% coupon, and a $4.04 million subordinate series priced with a 12% coupon.
“This was a complicated transaction that mirrors limited offerings and private placements completed by some of the largest firms in our industry,” said Nic Malas, Managing Director of Public Finance, who served as the lead banker on the deal. “Working this transaction across the finish line is a true testament to the quality of the professionals at Bancroft. We greatly appreciate the opportunity to have led this transaction.”
The deal brings the total of senior managed transactions for Bancroft’s municipal department to 42 since the start of 2023, when the firm began bidding competitive deals as a sole/senior manager, with a total par volume of nearly $450 million.