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.
JLL Capital Markets announced today it closed the $114.45 million sale of the 360-unit Prospect Place Apartments in Hackensack, New Jersey.
JLL represented the seller, Kushner Companies, to complete the sale to the buyers, Khosla Capital LLC and DKJ Equity LLC.
Prospect Place Apartments total 428,040 rentable square feet and consist of one-, two- and three-bedroom floorplan options. Built in 1995 and 2005, the property was recently renovated, with updated units including in-home washers and dryers, hardwood-style flooring, stainless steel appliances and granite countertops. The building is pet-friendly and features top of the market community amenities including two fitness centers, game room, swimming pool, resident lounge and business center as well as garage parking. The buyer has immense opportunity to continue updating original units.
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