June 25, 2019
The Howard Hughes Corporation (HHC) has secured a $250-million term loan for its redevelopment of the Seaport District. The five-year loan, with an initial rate of 6.1% for two years and then LIBOR plus 4.1%, is being provided by a consortium of leading financial institutions administered by Civitas Alternative Investments.
The loan is secured by a portion of HHC’s Seaport District holdings, including Pier 17, the Tin Building and various buildings throughout the district that are subject to the existing ground lease. The Tin Building may be removed from the collateral after construction is complete.
“This financing further validates our vision for what we are creating at the Seaport District,” said HHC CEO David R. Weinreb. He added that the loan “enhances liquidity and provides us with financial and operational flexibility.”
HHC recently retained Skidmore Owings & Merrill to map out a master plan for the Seaport District redevelopment.
For comments, questions or concerns, please contact Paul Bubny