September 30, 2016
Howard Hughes Corp. has obtained $238 million in refinancing for its Ward Village master-planned community in Honolulu, HI. The refi was obtained against debt due to mature on Sept. 29. Wells Fargo & Co. provided the loan.
The new, non-recourse term loan bears interest at 2.5% over LIBOR, with an initial maturity date of Sept. 12, 2021. The loan also offers two, one-year extensions. The financing is secured by the Ward Village commercial properties, excluding condominium towers currently under construction.
Ward Village is a 60-acre coastal master-planned community between downtown Honolulu and Waikiki in the Kaka’ako district. The development has three mixed-use residential towers that are under construction. Additional development includes Gateway Towers and Ke Kilohana.
For comments, questions or concerns, please contact Amy Sorter