The Howard Hughes Corporation (NYSE: HHC) today announced that The Woodlands Development Company secured a $55 million loan for 4 Waterway Square and 9303 New Trails. The 12-year loan refinances a maturing construction loan at 9303 New Trails and carries an interest rate of 4.88%. Prudential Mortgage Capital Company is the lender.
“The loan provides long-term, attractive financing on key assets 4 Waterway Square and 9303 New Trails,” said Alex Sutton, president of The Woodlands Development Company. “Proceeds from the loan will be used in part to fund the equity for the recently announced 3 Waterway Square office building, which is scheduled to start construction during the first quarter 2012.”
4 Waterway Square is a nine-story, 216,000-square-foot Class A multi-tenant office building in The Waterway Square District of The Woodlands Town Center and is 98.8% leased. 4 Waterway Square is specifically located on The Woodlands Waterway, at the intersection of Waterway Square Place and Woodloch Forest Drive.
9303 New Trails, a four-story, 95,078-square-foot Class B multi-tenant office building in the Research Forest area, is 100% leased. The building is situated on a heavily forested six-acre campus.
3 Waterway Square will be constructed as a Class A, 192,000-square foot, nine-story building in The Waterway Square District.
For more information about The Woodlands, visit
ABOUT THE HOWARD HUGHES CORPORATION
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the country. The company’s properties include master planned communities, operating properties, development opportunities and other unique assets spanning 18 states from New York to Hawaii. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC, and is headquartered in Dallas, Texas. For more information about HHC, visit
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