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12/12/14
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In a big financing deal out of Hawaii, Hanwha America Development LLC has obtained $100.65 mil 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. Hanwha America Development LLC is the US real estate arm of Hanwha Engineering Construction Corp, Korea, and its development partner, Avalon Development.
Aldon Cole and director Zack Holderman of HFF arranged the financing, which consists of a first lien loan in conjunction with a mezzanine investor. A $67.25 mil first lien loan was placed with Bank of the Ozarks and $33.4 million in mezzanine financing was placed 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 St and Hawaii Kai Dr 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.
“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.
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