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Howard Hughes Closes on $700M Credit Facility
The Howard Hughes Corporation has closed on a secured, non-recourse corporate credit facility with loan proceeds of up to $700 million, including a $615-million term loan and an $85-million revolver. Dallas-based Howard Hughes will have the right to increase the revolver by $50 million through the facility’s accordion feature.
“This new facility achieves our stated goals of both increasing our financial flexibility as well as reducing our weighted average cost of capital,” said CFO David O’Reilly. “Further, we are pleased with the strong support that our lenders have shown in executing this transaction.”
The initial collateral for this loan will include portions of Ward Village in Honolulu; 10-70 Corporate Center, One Mall North and One Merriweather in Columbia, MD; 1725 and 1735 Hughes Landing, The Westin at The Woodlands (pictured), Embassy Suites at Hughes Landing, Creekside Village Green, Lakeland Village Center, and 1701 Lake Robbins, all in The Woodlands, TX.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
