IRVINE, CA –HFF announced that it has arranged a $56 million refinancing for Oasis at Waipahu (top left photo), a 406-unit, townhome-style multi-housing community outside of Honolulu, Hawaii.
HFF worked exclusively on behalf of the borrower, a joint venture led by The Bascom Group, to secure the 36-month, floating-rate loan with Prime Finance. Prime Finance closed on the loan within three weeks from a signed application. Proceeds were used to refinance the existing debt on the property.
Oasis at Waipahu is located about 16 miles northwest of downtown Honolulu halfway between Kapolei and Honolulu. Originally built in 1965, the 406 units are comprised of 374 townhomes and 32 flats.
Community amenities include a clubhouse, pool, kiddie pool, laundry room, fitness center, business center and dog park. Though certain interior renovations are on-going, Oasis at Waipahu had undergone a significant interior and exterior renovation during 2008 and 2009. The property, managed by Entrada Partners out of Los Angeles, is currently 97 percent leased.
The HFF team representing the borrowers was led by senior managing director Kevin MacKenzie (middle right photo) and associate director Charles Halladay (bottom left photo).
Bascom (http://www.bascomgroup.com) is a private firm headquartered in Irvine, California, specializing in value-added and distressed multifamily real estate investments.
Bascom sources value-added apartment properties and repositions them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. Since 1996, Bascom has completed transactions totaling over $6.3 billion comprising 55,000 units and over 200 properties in California, Colorado, Washington, Hawaii, Nevada, Arizona, Utah, Georgia, and Texas.
Prime Finance is a national balance sheet lender that provides first mortgage bridge loans and sub-debt with offices in San Francisco, Chicago and New York.
Contacts:
Charles W. Halladay, HFF Associate Director, (949) 253-8800 challaday@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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