Photo by John RiggBridgeland received two loans July 11 from the Howard Hughes Corporation to assist with further development in the community. A $140 million loan to be dispersed over the next three years will accelerate the rate of development to match the rising demand of finished lots by homebuilders, and a ten-year, $18 million loan will refinance the existing land loan with an improved interest rate.
"[Bridgeland] is increasing at a rapid rate given that our sales are up by 30 percent over last year's," said Peter Houghton, vice president of Bridgeland. "With this continued growth it became necessary to obtain bank financing."
According to the Howard Hughes Corporation, the loans will further assist development in Bridgeland, which will include four residential villages, more than 3,000 miles of parks, greenbelts and waterways and a planned town center.
"The loan is strictly for the further development of Bridgeland and will assist with the cost of construction, utilities, lakes, parks, the infrastructure and any repairs or maintenance needed," Houghton said. "The loan is designed to be [distributed] in stages. It takes care of our developmental spending and can be renewed for additional funding."
