Bridgeland 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."
Although Bridgeland also has plans to build a town center area in the coming years, the loans will not go toward construction for that project until the community's build-out is closer to completion, Houghton said.
Currently, Bridgeland consists of about 1,500 homes to some 5,000 residents within its 11,400 acre-feet, however, the master-planned community is expected to reach a goal of more than 20,000 residences housing at least 65,000 residents, Houghton said. The build-out is due to take place over the next 25 years.