Howard Hughes Lands $43M Loan for Upscale Houston Property
- Aug 30, 2016
Houston—Lending opportunities remain strong in the Houston area, with The Howard Hughes Corp. and JLL’s Capital Markets team recently announcing the refinancing of Millennium Six Pines, a 314-unit Class A+ property located in The Woodlands, the master-planned community north of downtown Houston.
JLL secured the $42.5 million loan through its Fannie Mae DUS lending platform. Executive Managing Director Mike Melody, Managing Director Randy Fleisher and Executive Vice President Dustin Dulin led the JLL team on the transaction.
“The financing is a strong indication that the capital markets remain open and available for high-performing assets in great locations in the Houston region, such as The Woodlands,” said Grant Herlitz, president of Howard Hughes, in a statement. “Our commercial properties in The Woodlands continue to generate steady earnings and this 12-year loan efficiently capitalizes this asset to perform well over the long term.”
“We anticipate financing to remain available for strong sponsors such as Howard Hughes as demand for well-amenitized multifamily assets continues,” JLL’s Fleisher commented.
The LEED Gold-certified Millennium Six Pines is located about 30 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport. The five-story community’s amenities include a pool, clubhouse, fitness center and gated access. Unit features include granite countertops, washers and dryers, patios or balconies, fireplaces and hardwood floors. Units come in one-, two- and three-bedroom floor plans with rents starting at $1,352 for one bedroom, $1,727 for two bedrooms and $2,592 for three bedrooms.
Howard Hughes is the master developer and owner of the The Woodlands, a 28,000-acre, master-planned community that is home to more than 112,000 people, 63,000 employees, 200 restaurants, 21 million square feet of office and industrial space and more.
In addition to Millennium Six Pines, another prominent Hughes-owned property in the area is Hughes Landing in The Woodlands, a 66-acre mixed-use development with upscale restaurants, retailers, entertainment venues, Class A office buildings, the One Lakes Edge upscale multifamily community and an Embassy Suites by Hilton hotel.