$193M financing arranged for The Howard Hughes Corporation® in Downtown Columbia®, Maryland
JLL Capital Markets led the financing efforts for Class A office and multifamily properties on behalf of The Howard Hughes Corporation
WASHINGTON, D.C., Jan. 12, 2023 – JLL Capital Markets announced today it has arranged two separate financings totaling $193 million for 6100 Merriweather, a Class A office building in Downtown Columbia, Maryland, and Juniper, the adjacent apartment community.
JLL worked on behalf of The Howard Hughes Corporation® to secure the $76 million, three-year, fixed-rate loan for 6100 Merriweather and a $117 million, five-year, fixed-rate loan for Juniper. Both loans were used to take out existing construction financing.
Completed in 2019, 6100 Merriweather Dr. offers 317,189 square feet of Class A office space anchored by Tenable and CareFirst. Juniper, which was completed in 2020, is a highly-amenitized multifamily building with 55,693 square feet of street-level retail. Both properties are positioned in the mixed-use Merriweather District, which is located in Downtown Columbia. At full buildout Downtown Columbia Plan will add 4.3 million square feet of new office, 6,244 multifamily units, 1.25 million square feet of retail and 640 hotel rooms to the destination.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Jamie Leachman and Senior Director Drake Greer.
“The Howard Hughes Corporation continues to execute on their long-term master plan for Downtown Columbia,” said Leachman. “It’s a credit to the entire Howard Hughes team that successfully stabilized both 6100 Merriweather and Juniper during a turbulent market, setting up both assets and their tenants for long term success.”
JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Howard Hughes Corporation
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned cities and communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia®, Maryland; The Woodlands®, The Woodlands Hills®, and Bridgeland® in the Greater Houston, Texas area; Summerlin®, Las Vegas; Ward Village® in Honolulu, Hawaii; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes Corporation’s portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative place making, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC.
About Downtown Columbia
A development of The Howard Hughes Corporation®, Downtown Columbia is located at the center of Columbia, MD, one of the first master planned communities in the U.S. founded by legendary developer James W. Rouse in 1967. Conveniently located between Washington, D.C., and Baltimore, Columbia comprises 14,000 acres including ten completed residential villages and a deep pipeline of commercial development opportunities within its downtown. At full buildout, the redeveloped 391 acres of Downtown Columbia will include three new and reconfigured neighborhoods—the Merriweather District®, Lakefront District and Central District—featuring more than 14 million square feet of residential, office, hotel, retail, cultural, and public uses including public parks, trails and more. For more information about the redevelopment of Downtown Columbia please visit howardhughes.com/maryland.