Monday, October 2, 2017

HFF announces $105M financing for Class A multi-housing property in Honolulu area



7000 Hawaii Kai Drive Apartments, Hawaii Kai, Honolulu, Hawaii


SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announces $105 million financing for 7000 Hawaii Kai Drive, a 270-unit, Class A multi-housing property located in the southeastern part of Honolulu, Hawaii, in the seaside community of Hawaii Kai.


Olga Walsh

Working on behalf of the developer, Avalon Group, the HFF team placed the loan with an affiliate of KKR Real Estate Finance Trust Inc. (NYSE: KREF).  Loan proceeds were used to retire the senior and mezzanine construction financing, which HFF arranged in 2014. 

7000 Hawaii Kai (7000hawaiikaidrive.com) is situated on 3.8 acres at the intersection of Keahole Street and Hawaii Kai Drive overlooking the Hawaii Kai Marina in East Honolulu.

 The two, 10-story buildings comprise 216 market-rate studio through four-bedroom units and 54 affordable units, which can be locked-off in various configurations utilizing a unique, flexible design that expands into a maximum of 415 units, accommodating a wide variety of tenant demands.

Aldon Cole
Completed in summer 2016, property amenities include a swimming pool, picnic/barbecue area, fitness center with cardio machines and yoga studio, music/meeting room, movie theatre/performance room, business center, dog wash, lush landscaping and unobstructed ocean views. 

HFF’s debt placement team included senior managing director Aldon Cole and senior associate Olga Walsh.

“The project attracted very favorable institutional financing alternatives given the lack of new, affordable for-rent alternatives in the market,” Cole said.  “KREF recognized this early on and differentiated itself from the market by providing an excellent financing solution for Avalon and its investment partner.”
                     
For more information on this press release, please contact:

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


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