$83M Construction Financing Earmarked for Columbia, Md., Apartments
An affiliate of The Howard Hughes Corporation has received an $82.57 million construction loan to develop the Marlow Apartments, a 472-unit community in downtown Columbia, Md. The property will also include 32,340 square feet of ground-floor retail.
JLL secured the floating-rate construction loan for an initial term of four years with a one-year extension. The lender was not disclosed.
The Marlow Apartments will be one component of the 14 million-square-foot master planned development known as the Merriweather District, which when complete will include 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 approximately 60 acres of open space.
“The Marlow will be yet another transformational project for this master planned community within Columbia,” Jamie Leachman, senior managing director of JLL’s Washington, D.C., office, said in a statement. “Howard Hughes’ commitment to its long-term vision coupled with more and more liquidity returning to the market on a weekly basis was reflected in the strong response from the lending community during marketing process.”
Located at 6200 Valencia Lane, between Baltimore and D.C., the Marlow Apartments will toffer studio, one-, two- and three-bedroom floorplans, plus eight loft units with two-story layouts.
The Merriweather District is near Symphony Woods, a 40-acre park, and Merriweather Post Pavilion, the renowned music and community venue.
Joining Leachman on the deal were JLL’s Mark Gibson, Drake Greer and Jackson Cabot.
The apartments are expected to deliver in the fall of 2022.