JLL secures $42.5 million refinancing for Millennium Six Pines
in the highly acclaimed master planned community for The Howard
Hughes Corporation®
Lenders continue to see opportunity as strong assets in the
greater Houston area continue to exhibit stable growth. The Howard
Hughes Corporation® (NYSE: HHC) and JLL’s Capital Markets experts
announced today the $42.5 million refinancing of Millennium Six
Pines, a 314-unit Class A+ multifamily asset located in The
Woodlands®, TX – a highly acclaimed master planned community north
of downtown Houston. JLL secured the 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 deal.
“We are pleased to complete the refinancing of Millennium Six
Pines with the help of JLL. 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 The Howard Hughes
Corporation. “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.”
“Millennium Six Pines is a superior market-rate asset in the
northern Houston area with tremendous sponsorship behind it,” said
Fleisher. “JLL’s relationship with Fannie Mae allowed us to execute
this refinancing with the most favorable terms in the market. We
anticipate financing to remain available for strong sponsors such
as Howard Hughes as demand for well-amenitized multifamily assets
continues.”
Millennium Six Pines is located 30 miles from downtown Houston
and 25 miles from George Bush Intercontinental Airport and is in
close proximity to entertainment venues, including The Cynthia
Woods Mitchell Pavilion located in The Woodlands Town
Center. The upscale five-story building’s community amenities
include a pool, a clubhouse, a fitness center and gated access.
In-unit amenities include granite counter tops, washers and dryers,
patios or balconies, fireplaces and hardwood floors in living
areas.
JLL 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 deliver the
best-in-class solutions for clients — whether a sale, financing,
repositioning, advisory or recapitalization execution. In 2015
alone, JLL Capital Markets completed $140 billion in investment
sales and debt and equity transactions globally. The firm’s Capital
Markets team comprises more than 2,000 specialists, operating all
over the globe.
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asset buyers and sellers around the world.
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visit the firm’s U.S. media center Web page:
http://bit.ly/18P2tkv.
About JLL
JLL (NYSE: JLL) is a professional services and investment
management firm offering specialized real estate services to
clients seeking increased value by owning, occupying and investing
in real estate. A Fortune 500 company with annual fee revenue of
$5.2 billion and gross revenue of $6.0 billion, JLL has more than
280 corporate offices, operates in more than 80 countries and has a
global workforce of more than 60,000. On behalf of its
clients, the firm provides management and real estate outsourcing
services for a property portfolio of 4.0 billion square feet, or
372 million square meters, and completed $138 billion in sales,
acquisitions and finance transactions in 2015. Its investment
management business, LaSalle Investment Management, has $59.1
billion of real estate assets under management. JLL is the brand
name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit www.jll.com.
About The Woodlands®
The Woodlands is a 28,000-acre master planned community located
27 miles north of downtown Houston. Throughout its 42-year history,
The Woodlands has led the way among master planned communities that
practice environmental preservation. It is home to over 112,000
people, and more than 63,000 people work in the community. The
Woodlands is one of the top-selling master planned communities in
Texas and the nation. The Woodlands was named the 2015 “Master
Planned Community of the Year” by the Greater Houston Builders
Association. For more information, visit www.thewoodlands.com. For additional details, find
us on Facebook, Twitter, Instagram and LinkedIn.
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops
commercial, residential and mixed-use real estate throughout the
U.S. Our properties include master planned communities, operating
properties, development opportunities and other unique assets
spanning 16 states from New York to Hawai‘i. The Howard Hughes
Corporation is traded on the New York Stock Exchange as HHC with
major offices in New York, Columbia, MD, Dallas, Houston, Las Vegas
and Honolulu. For additional information about HHC, visit
www.howardhughes.com, or find us on Facebook, Twitter, Instagram
and LinkedIn.
Safe Harbor Statement
Statements made in this press release that are not historical
facts, including statements accompanied by words such as “will,”
“believe,” “expect,” “enables,” “realize,” “plan,” “intend,”
“assume,” “transform” and other words of similar expression, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management’s expectations, estimates, assumptions, and
projections as of the date of this release and are not guarantees
of future performance. Actual results may differ materially from
those expressed or implied in these statements. Factors that could
cause actual results to differ materially are set forth as risk
factors in The Howard Hughes Corporation’s filings with the
Securities and Exchange Commission, including its Quarterly and
Annual Reports. The Howard Hughes Corporation cautions you not to
place undue reliance on the forward-looking statements contained in
this release. The Howard Hughes Corporation does not undertake any
obligation to publicly update or revise any forward-looking
statements to reflect future events, information or circumstances
that arise after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160823005257/en/
JLLMegan Dolan, +1-312-228-3154Megan.Dolan@am.jll.comorScott
Sutton, +1-312-228-2863Scott.Sutton@am.jll.comorThe Howard Hughes
CorporationCaryn Kboudi, 214-741-7744caryn.kboudi@howardhughes.com
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