Contact Us
News

Howard Hughes’ Financing Strategy For Seaport? Its Own Deep Pockets

Howard Hughes’ Financing Strategy For Seaport? Its Own Deep Pockets

There will be no construction loans for Howard Hughes Corp’s South Street Seaport mixed-use, the developer’s CEO, David Weinreb, said yesterday at Weiser Mazars’ Commercial Real Estate Summit at the New York Athletic Club.

“When you have a lender that’s behind you, they often are pressuring you to make decisions that are not good decisions for the long term,” David told the crowd.

The developer’s balance sheet got a $390M shot in the arm this March when it sold a development site at 80 South St, near the Seaport, to China Oceanwide Holdings.

Howard Hughes often self-finances projects, David told The Real Deal, adding it will likely borrow money for the project at a later stage of its development.

Plans for a 52-story condo tower were dramatically scaled back late last year, owing to local backlash. [TRD]