The Howard Hughes Corp. (HHC) has closed on a secured, non-recourse corporate credit facility with loan proceeds of up to $700 million, comprised of a $615 million term loan and an $85 million revolver. Additionally, HHC will have the right to increase the revolver by $50 million through the facility’s accordion feature.

The new financing achieves several objectives for the corporation, including lowering its cost of capital while extending term, enhancing liquidity, and improving operational and financial flexibility. “By lowering our cost of funding, extending our maturity and adding a revolving component, this financing exemplifies our commitment to further improving our credit metrics,” said HHC Chief Financial Officer David O’Reilly.

The initial collateral for this loan will include portions of One Mall North and One Merriweather, both in Columbia, and several other HHC properties in other markets.