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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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