Howard Hughes Corp. Secures $83M Loan for Maryland Apartments
The community in Columbia, Md., will be part of a 14 million-square-foot master-planned development called the Merriweather District. May142021 Image courtesy of JLL Capital Markets
Howard Hughes Corp. has secured an $82.6 million construction loan to begin developing Marlow Apartments, a 472-unit community in downtown Columbia, Md.
JLL Capital Markets worked on behalf of an affiliate of the company to secure the floating rate loan for a four-year initial term with a one-year extension.
The property will be built at 6200 Valencia Lane and will feature studio, one-, two- and three-bedroom apartments. In addition, eight lofts offering two-story layouts will be part of the development. The Marlow’s 510,181 rentable square feet will include 32,340 square feet of retail on the ground floor.