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.
- ◦Development