Howard Hughes Corporation Secures $193M Financing in Downtown Columbia
Howard Hughes Corporation received a total of $193 million in loans to refinance two properties in Downtown Columbia, Md., both of which were stabilized over the pandemic.
The first loan consisted of $117 million to refinance a construction loan for Juniper, a 55,693-square-foot multifamily property. The five-year loan has a fixed rate.
Additionally, the company received a $76 million, three-year, fixed-rate refinancing loan for 6100 Merriweather, a 317,189-square-foot Class A office building anchored by Tenable, a cybersecurity company and CareFirst.
JLL (JLL) facilitated both loans, which were provided by separate lenders. The lenders and interest rates were not disclosed.
6100 Merriweather Drive was completed in 2019, while Juniper came a year later. The latter also includes 55,693 square feet of retail.
The two properties are adjacent to one another and part of Howard Hughes Corporation’s 391-acre mixed-use Merriweather District. At full buildout, the development will add 4.3 million square feet of office, 6,244 multifamily units, 1.25 million square feet of retail and 640 hotel rooms to Downtown Columbia.
“It’s a credit to the entire Howard Hughes team that successfully stabilized both 6100 Merriweather and Juniper during a turbulent market, setting up both assets and their tenants for long-term success,” Jamie Leachman, JLL’s senior managing director, told Commercial Observer.
The Merriweather District closed 2022 with three new lease commitments. Venture X, a coworking concept, signed for 22,000 square feet within 60 Corporate Center beginning in July; tech developer Meta Materials inked 11,000 square feet at 30 Corporate Center beginning in May; and Ellie Mental Health, a mental health provider, took 3,800 square feet within One Mall North and will open in April.
Joining Leachman in facilitating the loans was Drake Greer, JLL’s senior director.
Keith Loria can be reached at Kloria@commercialobserver.com.