We have one of the largest and most active real estate development & redevelopment financing banking practices in the country. Our team has experience with many different forms of redevelopment including residential, commercial, nonprofit, institutional, industrial and mixed-use. We have provided financing for clients on a vast array of projects ranging from single family residential development to large mixed-use entertainment districts.

Areas of Expertise

Each solution we deliver for our clients helps overcome the ‘gap’ in financing needed to build infrastructure. Our expertise in complex modeling serves our clients by creating optimal capacity to fund public infrastructure from a wide variety of revenue streams.


    Property Tax Increment (TIF)


    Special Assessments


    User Fees


    Tourism Taxes


    Sales Tax Increment


    Public Improvement Fees (PIF)


    Sales Taxes


    Public Parking Revenues


    Ad Valorem (Property) Taxes


    Payments in Lieu of Taxes (PILOT)


    Excise Taxes

#1 ranked
underwriter & financial advisor since 2005 by par amount and number of transactions for public financing of development and redevelopment

Over 3,000 issues
since 2005 totaling close to $72 billion

Case Studies

$322 million

Miami Beach Redevelopment Agency
Convention Center Bonds

In November 2015, RBC Capital Markets acted as financial advisor to the Miami Beach Redevelopment Agency on the sale of $322.095 million in bonds. The purpose of the bond issue was to refund certain outstanding bond obligations and provide additional funds for the renovation and expansion of the Convention Center. The Convention Center will be renovated to Class A standards including versatile indoor/outdoor space, public parks, food pavilion, pedestrian walkways and an additional 878 parking spaces. In addition to the Convention Center improvements there will be additional ancillary public facilities and infrastructure improvements within the City Center. The redevelopment agency bonds are secured by the tax increment revenues generated from the ad valorem property tax generated within the redevelopment area. This issue was a portion of the total $651 million in financing for the projects. The entire funding package for the Convention Center projects came from multiple sources including; County General Obligation Bonds, Resort Tax Revenue Bonds, Parking Revenue Bonds and the Redevelopment Agency Bonds.

As financial advisor, RBC Captial Markets advised the Agency on the financial structure and debt capacity available to fund the redevelopment project. Part of this analysis was creating the capacity within the existing tax increment revenues to maximize the proceeds available for the Convention Center with a debt structure. In structuring the bonds we shortened the taxable piece, refunded the existing 2005A bonds and amortized the 2015A bonds around the existing debt, ultimately resulting in a successful borrowing for the Agency.

$89 million

Oakland Redevelopment Successor Agency
Tax Allocation Refunding Bonds

In February 2015, RBC Capital Markets was appointed by the Oakland Redevelopment Successor Agency (ORSA) to serve as senior manager on approximately $89 million of tax allocation refunding bonds. Proceeds of the refunding will be used to advance refund on a taxable and tax-exempt basis six series of bonds from four separate Project Areas. The Project Areas include Central City East, Coliseum Area, Broadway / Macarthur / San Pablo and Citywide Housing Set Aside. With multiple project areas, we chose to use the Redevelopment Property Tax Trust Fund (RPTTF) structure to homogenize the security/credit.

One challenge this structure faced at the onset was the gap in cash flows which barred ORSA from meeting its existing obligations (senior lien) and newly created RPTTF debt (subordinated lien) during the refunding period. The refunded bonds contain principal payments that are paid with Recognized Obligation Payment Schedule (ROPS) distributions of January 2nd and June 1st. We structured the new RPTTF bonds with principal maturities to be paid with the June 1st ROPs distribution. The cash flow gaps arose since non-callable bonds of the refunded series remained outstanding and ORSAs principal payments on these bonds remained designated from both the January 2nd and June 1st ROPs distributions. As a result we decided to redraft the indenture, allowing the refunding bonds to be paid on a split basis (50/50 from each ROPs cycle) instead of paying 100 percent of the new RPTTF debt service with the January 2nd distribution. This provided ORSA with enough flexibility and sufficient capacity to meet its obligations as they came due during the refunding period, and going forward.

Senior Managed Activity - tombstones

Our Team

Robert E. Spangler

Managing Director
New York


Bob Spangler is a Managing Director within RBC Capital Markets’ Municipal Finance department where he serves as the Manager of the West Region and Tax Credit Equity Group. As Manager of the West Region, Mr. Spangler has management responsibility for the Firm’s eleven municipal finance offices located in Albuquerque, Denver, Dallas, Houston, San Antonio, Los Angeles, Salt Lake City, San Francisco and Seattle. In addition, he has management responsibility for the firm’s 100-person housing platform which includes the Tax Credit Equity Group -- a leading syndicator of Low Income Housing, New Markets and Historic tax credits -- and the Housing Finance Group. A sixteen year employee of RBC, Mr. Spangler is a member of both the Municipal Finance and the Municipal Markets Operating Committees.

Mr. Spangler received an AB in History from Stanford University and a Masters in Management from the J. L. Kellogg Graduate School of Management at Northwestern University.

Mr. Spangler was formerly with First Union Capital Markets (now Wells Fargo Securities), where he was a Senior Vice President and Manager of the Housing Finance Department. Prior to joining First Union, Mr. Spangler worked in the housing finance department of Merrill Lynch & Co. He serves on the Board of Finance and on the Pension Investment Advisory Board for the Town of New Canaan, Connecticut.


Michael Vasquez



Michael Libra

Vice President


Bob Williams

Managing Director


Mr. Robert Williams is a Managing Director in the Public Finance Department at RBC CM. Mr. Williams began his career in municipal finance at Sutro & Co. Inc. in 1985 and has over 29 years of investment banking experience. Prior to RBC CM, Mr. Williams worked 5 years as a legislative analyst for the Alaska State Legislature and as an oil and gas consultant. Mr. Williams specializes in California municipal financings including general fund lease revenue bonds and COPs, sales tax issues, water and sewer revenue bonds, land secured 1915 act and Mello-Roos bonds, redevelopment agency bonds, and school district general obligation bonds. Mr. Williams has been a guest speaker at the State Treasurer’s Office, the Bond Buyer, CSMFO and the California Redevelopment Association. He is the lead banker for the Statewide Community Infrastructure Program (SCIP) sponsored by the League of California Cities and California State Association of Counties.

Mr. Williams holds a Bachelor’s degree from the University of California at Santa Barbara, a Master’s degree in Public Administration from Harvard University and an MBA in finance from the University of Pennsylvania, Wharton School. Mr. Williams is currently registered with Financial Industry Regulatory Authority, Inc. (“FINRA”) with Series 7, 63 and 79 licenses.


Nate Eckloff

Managing Director
Colorado and Florida


Nate joined RBC Dain Rauscher in 2002. In his 30 years in the public finance profession Nate has assisted in the structuring, rating and marketing of over $16 billion in municipal bonds.  His investment banking experience covers a wide range of Colorado, Florida, Wyoming and Nebraska issuers. These clients have issued a wide variety of tax-exempt and taxable municipal bonds including general obligation bonds, water and sewer revenue bonds, special assessment bonds, sales tax revenue bonds and lease purchase certificates of participation.

A considerable amount of Nate’s public finance practice involves development related finance focused on funding improvements to enhance development through the use of special districts and re-development agencies.  Special districts finance a wide variety of public infrastructure including water, sewer, streets, sidewalks, park and recreation facilities, storm water drainage and other public improvements. His special district financing includes:

Florida Development Districts:

  • Northern Palm Beach County Improvement District
  • Northern Riverwalk Community Development District
  • Portofino Isles Community Development District
  • Portofino Landings Community Development District
  • Creekside Community Development District
  • Riverpoint Community Development District
  • City of Port St. Lucie Special Assessment Districts:
    • Southwest Annexation
    • Tesoro
    • Glassman
    • River Place

Colorado Special Districts:

  • Sand Creek Metropolitan District
  • Rampart Range Metropolitan District
  • Larkridge Metropolitan District
  • Southwest Plaza Metropolitan District
  • Castlewood Water District
  • Greenwood Plaza Metropolitan District
  • Hyland Hills Park and Recreation District
  • North Jefferson County Park and Recreation District 
  • Southtech Metropolitan District
  • South Denver Metropolitan District
  • Goldsmith Metropolitan District
  • Carbondale and Rural Fire Protection District                 

Mr. Eckloff is a past President of the Colorado Municipal Bond Dealers Association. He has spoken at numerous Public Finance conferences and seminars including the Bond Market Association Conference, the Colorado Government Finance Officers Association, the Florida Government Finance Officers Association, the Florida Bond Buyer’s Conference and the Hawaiian Government Finance Officers Association.

Nate is a member of the Colorado Bar Association and an associate member of the National Association of Bond Lawyers and the government Finance Officers Association. Mr. Eckloff earned his Juris Doctorate and Master of Business Administration degrees from the University of Denver and his Bachelor of Science in Agricultural Economics form the University of Nebraska-Lincoln.  His licenses include the Series 7, Series 8, Series 24, Series 52 and Series 53 FINRA licenses.


Jon Moellenberg

Managing Director


Jon serves as Manager of RBC’s Denver Public Finance office, Colorado’s leading underwriter of tax-exempt and taxable municipal securities.  He is charged with further expanding the firm’s presence in Colorado and throughout the Western Region.  Jon has more than 15 years of experience serving state and local government clients on more than $20 billion in securities and financial products in ten different states.  He frequently serves Colorado’s largest governmental entities:  the State of Colorado, the University of Colorado, Colorado State University, the Colorado Department of Transportation, and the Denver Regional Transportation District.  A list of transactions Jon has led for longstanding Colorado clients includes:

  • University of Colorado Senior Manager for $632 million Enterprise Revenue Bonds Series 2013, 2012, 2010 and 2009, and Co-Senior Manager for $298 million in various series since 2009
  • Colorado State University Senior Manager for $291 million System Enterprise Revenue Bonds Series 2013 and 2012, and Co-Senior Manager for $297 million in various series since 2010
  • Colorado Department of Transportation Senior Manager for $104 million Transportation Revenue Anticipation Notes (TRANs) Refunding Series 2011 and Senior Manager, Co-Senior Manager or Financial Advisor for an additional $2 billion in various series of TRANs since 2000
  • Colorado Bridge Enterprise Senior Manager for its inaugural $300 million Revenue Bonds Senior Taxable Build America Series 2010A
  • Regional Transportation District Senior Manager for $224 million Certificates of Participation Series 2013A and $475 million Sales Tax Revenue Bonds Series 2012A, and Co-Senior Manager or Co-Manager on $425 million in various series since 2009
  • State of Colorado Senior Manager for $33 million Higher Ed Certificates of Participation (COPs) Series 2010 and Senior Manager or Co-Senior Manager for more than $600 million in various series of COPs since 2000

In addition to the transactions listed above, Jon brings innovative financial solutions to a wide variety of government entities.  Examples include Denver Urban Renewal Authority, the Colorado Department of Corrections, the Capitol Parking Authority, the Colorado School of Mines, Metropolitan State University of Denver, cities such as Aurora and Fort Collins, counties including Adams, Broomfield, Jefferson and Routt; and numerous special districts, improvement districts and urban renewal authorities.

A fourth generation native of Colorado, Jon holds a Bachelor of Science degree in Business Administration with a concentration in Finance from Colorado State University and a Juris Doctor degree from the University of Colorado School of Law.  Jon holds Series 7, 53 and 63 FINRA licenses.


Michael Persichitte

Vice President


Tom Wendelin



Julie Santamaria



Matt Dustin



Mr. Dustin has eight years of public finance experience and is an integral part of our Houston-based special district practice. Our market-leading Houston practice specializes in financings for municipal utility district (MUD) and related issuers in both a financial advisory and underwriting capacity.

Matt originally joined RBC’s Colorado municipal finance team in May 2013 before transferring to Houston in March 2015. While in the Denver office, Matt worked extensively with metropolitan districts in Colorado and other special district clients in Utah, Nebraska and Florida.  He also worked with many of the region’s largest governmental entities, including the State of Colorado, the State of Utah, the University of Colorado, the University of Utah, and the Denver Regional Transportation District.

Prior to joining RBC, Matt spent four years at Fitch Ratings where he performed credit analysis and assigned credit ratings to local government municipal issuers across the country. Matt has an in-depth understanding of the methodology, procedures, and assumptions used in the rating process. Prior to Fitch, Matt was a budget director for the Colorado General Assembly.

Matt graduated from the University of Northern Colorado with a BA in psychology and political science and received his MPA in public finance from the Marriott School of Management at Brigham Young University. Matt currently holds FINRA Series 7, 50, 52, 63, and 79 securities licenses.


Loren Morales

Vice President