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Howard Hughes secures $250 million in financing

Seaport District (Credit: Howard Hughes)

Howard Hughes Corporation has secured $250 million in financing for its redevelopment of the Seaport District in Lower Manhattan. A group of “leading Korean financing institutions” are backing the five-year loan, which will be administered by Civitas Alternative Investments.

  • Financing details: The interest-only loan carries a rate of 6.1 percent for the first two years then will shift to LIBOR plus 4.1 percent.
  • Worth Noting: The deal comes as Howard Hughes considers a possible sale. The development firm hired Centerview Partners to explore various options to help close a gulf between its stock price and net asset value. 

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