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.