Howard Hughes Corp. Secures $83M Construction Loan for Columbia Apartments
JLL has arranged an $82.6 million construction loan on behalf of The Howard Hughes Corp. for the development of the Marlow apartments, a 472-unit community with 32,340 square feet of ground-floor retail in downtown Columbia, MD.
The apartments will be part of the larger 14 million-square-foot master planned development for downtown Columbia. Marlow will be one aspect of the larger Merriweather District micro market, which will ultimately total 2.3 million square feet of office space, 320,000 square feet of retail, 1,900 multi-housing units, a 250-room hotel, a community pavilion and about 60 acres of open space. Delivery of the apartments is slated for Fall 2022. The property is located at 6200 Valencia Lane.
Mark Gibson, Jamie Leachman, Drake Greer and Jackson Cabot of JLL secured the financing on behalf of The Howard Hughes Corp. Terms included a floating rate for an initial term of four years with a one-year extension.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.