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