Howard Hughes closes on $490m of loans
The Howard Hughes Corp. has closed on two loans totaling more than $490 million for projects in Hawaii and Texas.
A $356.8 million construction loan was secured at Ward Village for its sixth residential mixed-use development, Kō'ula, reflecting continued strong demand to live in the 60-acre master planned community in Oahu. In addition, a $137 million, five-year term loan was secured for 9950 Woodloch Forest Drive, one of two class A towers in The Woodlands, Texas, comprising the newly rebranded The Woodlands Towers at The Waterway.
“With nearly 75 percent of homes already pre-sold at Kō'ula, we continue to see strong momentum in the local market,” said Doug Johnstone, president, Hawaii, at The Howard Hughes Corp. “Today, approximately 90 percent of our homes — over 2,421 residential units — are sold across the six towers at Ward Village that are either delivered or under construction, producing total contracted sales revenue of approximately $2.7 bill