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Howard Hughes completes $238M refinancing for Hawaii project

Howard HughesCorp. said it completed a $238 million refinancing of debt maturingSept. 29 with an affiliate of Wells Fargo & Co.

The new nonrecourse loan is secured by existing commercialproperties at its masterplanned Ward Village project in Honolulu, excluding condominium towers underdevelopment.

The financing bears interest at the one-month LIBOR plus2.50% and has an initial maturity date of Sept. 12, 2021, with two one-yearextension options. The company said it swapped $119 million of the loan to afixed rate of 3.64% through the initial maturity date, reflecting an all-ininterest rate of approximately 3.33%, based on the current one-month LIBOR.

The financing also allows for the future release ofcollateral to develop additional condo towers and retail properties at thescheme.

Two luxury condo towers, Waiea and Anaha, are set to openlater in 2016 and in summer 2017, respectively. More than 90% contracted saleshave been achieved for the 491 homes across both towers.

The overall 60-acre project is expected to deliver more than4,000 residential units.