HHH - Howard Hughes Holdings Inc. Closes on Refinancing of 9950 Woodloch Forest Drive in the Woodlands® | Benzinga
THE WOODLANDS, Texas, June 13, 2024 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE:HHH) announced today the closing on the refinancing of 9950 Woodloch Forest Drive, the 601,000-square-foot Class A office tower in The Woodlands®. The five-year, non-recourse $130 million loan bears interest at a fixed rate of 7.075% and amortizes on a 30-year schedule. This refinancing addresses HHH's largest debt maturity in the next two years, representing 24% of the company's 2025 debt maturities.
"9950 Woodloch Forest Drive was empty when we acquired it just prior to the pandemic and the fact that the building is now 98% leased speaks to the strong demand we are seeing for office and commercial space in The Woodlands, where 90% of our office portfolio is leased," said Carlos Olea, Chief Financial Officer of Howard Hughes. "This refinancing speaks to the tremendous efforts of our capital markets team and our ability to execute in a challenging capital markets environment, particularly for office assets."
Across the company's national portfolio, Howard ...