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July 22, 2018
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Hawaii Biz Park Lands $165 Mil Refi Loan


AIPA Properties LLC has obtained a $165 mil refi loan on a 1.3 msf, mixed-used property located adjacent to Honolulu International Airport in Oahu, Hawaii. The non-recourse, first mortgage leasehold financing was arranged by Sonnenblick-Eichner Company.

The 15-year, fixed-rate, interest only loan is secured by Airport Industrial Park, the largest office and warehouse complex in the state of Hawaii. Constructed in phases beginning in 1989, the 12.5-acre property offers Class A office space, telecom/data flex space and both light and high cube warehouse space with 38-foot clear heights.

Airport Industrial Park is 99% leased to a diversified rent roll that includes Hawaiian Airlines, AT&T Corporation, Budget Rent-A-Car, City & County of Honolulu, the State of Hawaii and Lockheed Martin Corporation. The financing was provided by a domestic life insurance company and sized to a 65% loan to value. This was the third time Sonnenbliick-Eichner financed the property for this same borrower.

“We had tremendous interest in this financing opportunity from both CMBS lenders and Life Insurance Companies. Both capital sources provided 15-year interest-only loan terms, with our client ultimately deciding upon a Life Insurance Company execution,” said Sonnenblick-Eichner Company Principal David Sonnenblick. “Due to the low interest rate associated with this financing, our client chose to incur the prepayment premium associated with defeasing their existing loan,” added Sonnenblick.

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