A partner of The Howard Hughes Corporation has a building loan of 82.57 million Marlow Apartments, a 472-unit community in downtown Columbia, Md. The property will also include 32,340 square feet of retail space on the ground floor.
JLL the variable interest construction loan secured for an initial term of four years with a one-year extension. The lender was not disclosed.
The Marlow Apartments will be part of the 14 million square foot planned master development known as Merriweather District, which when completed will include 2.3 million square feet of office space, 320,000 square feet of retail, 1,900 apartment buildings, a 250-room hotel, a communal pavilion, and approximately 60 acres of open space.
“The Marlow will be another transformation project for this planned master community in Colombia.” Jamie Leachman, Senior managing director of the JLL Washington, DC office, said in a statement. “Howard Hughes’ commitment to his long-term vision, coupled with the weekly return of increasing liquidity to the market, is reflected in the strong response from lenders throughout the marketing process.”
Is located 6200 Valencia Street, between Baltimore and DC, the Marlow Apartments will offer studio, one-, two-, and three-bedroom floor plans, as well as eight loft units with two-story floor plans.
The Merriweather District is near Symphony Woods, a 40-acre park, and Merriweather Post Pavilion, the renowned music and community meeting place.
Along with Leachman on the deal were JLLs Mark Gibson, Drake Greer and Jackson Cabot.
The apartments are to be occupied in autumn 2022.