Monday, December 8, 2014

HFF secures financing totaling $100.65 million for Class A multi-housing development in Honolulu area


7000 Hawaii Kai multi-housing development, Hawaii Kai, southeast of Honolulu

Aldon Cole
SAN DIEGO, CA – HFF announced today that it has secured financing totaling $100.65 million for the development of 7000 Hawaii Kai, a 269-unit, Class A multi-housing complex southeast of Honolulu, Hawaii, in the community of Hawaii Kai. 

                HFF worked exclusively on behalf of a subsidiary of Hanwha America Development LLC, the US real estate arm of Hanwha Engineering Construction Corp, Korea, and its development partner, Avalon Development, to secure construction financing totaling $100.65 million by structuring a first lien loan in conjunction with a mezzanine investor. 

HFF placed a $67.25 million first lien loan with Bank of the Ozarks and also procured $33.4 million in mezzanine financing through iStar Financial, Inc. to complete the multi-housing development.

                Due for completion in summer 2016, 7000 Hawaii Kai will be situated on one of the last remaining residential development sites in the submarket, a 3.8-acre site at the intersection of Keahole Street and Hawaii Kai Drive overlooking the Hawaii Kai Marina in East Honolulu.

 The two, 10-story buildings will be comprised of a mix of one-, two- and three-bedroom units.  The property will feature community amenities, including a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center.

                The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and director Zack Holderman. 

                “7000 Hawaii Kai is being developed at a time when market-rate and affordable housing in Hawaii is increasingly hard to come by given high land prices and a general shortage of housing.  As a result, we anticipate strong demand for this product, which is rarely delivered in Hawaii,” said Cole.

                “Through the dedication and commitment of a qualified local development team and capital partner, 7000 Hawaii Kai will provide much needed housing for this highly desirable submarket,” added Holderman. 

               
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

No comments: