DALLAS, July 1, 2019 /PRNewswire/ -- Civitas Capital Group ("Civitas") today announced the recent closing of a $250 million term loan to the Howard Hughes Corporation for the redevelopment of the historic South Street Seaport District in New York City. The five-year loan is being provided by a consortium of leading Korean financial institutions administered by Civitas Alternative Investments.
"The Seaport District is a premier location in Manhattan, and we are extremely pleased to provide financing for such a tremendous project," said Civitas' David Lee, who led the transaction team for Civitas, along with colleague Eden Ham.
The redevelopment will be overseen by The Howard Hughes Corporation. The Seaport District is New York's original commercial hub, located on the East River in Lower Manhattan with unparalleled views of the Brooklyn Bridge, the Statue of Liberty, and the city skyline. An essential part of the city for more than 300 years, the re-envisioned Seaport District will continue to function as a community anchor and "port of discovery" for the rapidly growing population of Lower Manhattan.
The Howard Hughes Corporation is leveraging the Seaport District's history as the birthplace of innovation, as it transforms a district spanning several city blocks, creating approximately 450,000 square feet of dynamic culinary, fashion, entertainment and cultural experiences.
"We are thrilled that Civitas could provide financing to continue Howard Hughes Corp's revitalization of the Seaport District," said Daniel J. Healy, CEO of Civitas Capital Group. "Civitas prides itself on being relentlessly creative. In this case, we leveraged the firm's rich expertise to provide custom-made financing so the dynamic vision Howard Hughes has for the area can be realized."
Seaport marks yet another investment Civitas has conducted with Korean institutional investors. This includes a $550MM senior loan in 2017 to refinance 200 Liberty Street in New York City, owned by Brookfield Property Partners.
"Civitas has investors from more than 30 countries and as a staff we speak 13 languages," says CEO Healy. "With this cultural competency, Civitas bridged two very different business cultures to get a complex deal done."
ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a global alternative investment manager with $1.6B AUM. Civitas offers compelling, niche opportunities in U.S. real estate, lodging, and alternative credit. Driven by relentless creativity, Civitas digs deeper to uncover opportunities that others miss. Civitas was founded in 2009 by Daniel J. Healy and Rafael Anchia and is proudly based in Dallas, Texas. Civitas' core values, ever-deepening cultural competency, and sense of global citizenship define the firm's purpose: to create opportunities that enrich communities, investors, and employees alike. For more information, visit civitascapital.com.
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