Howard Hughes Corp. borrows $99.7M from affiliated Hughes Corp. for property in Seaport

Howard Hughes Corporation through the entity 250 Seaport District, LLC as borrower signed a loan agreement with lender the Hughes Corporation, an affiliate of the borrower, valued at $99.7 million for 250 Water Street in Seaport. The deal closed on October 17, 2019 and was recorded on October 22, 2019.

The Howard Hughes Corp. cut its debt level on the property by about 23 percent in this transaction. The original $129 million in debt was supplied by Milstein Properties, which sold the property in June 2018 to Howard Hughes for $182.7 million. The new loan at the reduced level of $99 million was provided by an affiliate of Howard Hughes. The company announced a corporate restructuring that would include asset sales. Howard Hughes’s outgoing president Grant Herlitz signed on behalf of the lender.

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