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July 22, 2018
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Avalon Group Locks in $105 Mil in Financing on Honolulu Res Development


Avalon Group has secured $105 mil in financing for 7000 Hawaii Kai Drive, a 270-unit, Class A multi-housing property the firm recently developed in the southeastern part of Honolulu, Hawaii, in the seaside community of Hawaii Kai.

7000 Hawaii Kai is situated on 3.8 acres at the intersection of Keahole St and Hawaii Kai Dr 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. 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.

Aldon Cole and Olga Walsh with HFF arranged the loan, which was funded through an affiliate of KKR Real Estate Finance Trust Inc. The loan proceeds were used to retire the senior and mezzanine construction financing, which HFF arranged in 2014.

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