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7/29/26
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Avatar Financial Group LLC has provided two bridge loans in Honolulu totaling $4.95 mil. The separate transactions involve a portfolio of condominium units within one of the city’s most-recognized properties and a flex industrial facility on one of the city’s infill areas.
1777 Ala Moana Blvd, Honolulu, Hawaii |
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One of the deals was a $3.75 mil bridge loan secured by four condominium units within the Ilikai Hotel & Suites, located at 1777 Ala Moana Blvd in Honolulu, Hawaii. The one-year, first-lien loan was originated at 65% loan-to-value as a cash-out refinance for a private investor based in China.
Proceeds were used to pay off the existing debt on the four condominium units and provide additional capital for the sponsor’s business purposes in Hong Kong. The sponsor plans to repay Avatar through permanent financing or the sale of one or more units.
The collateral is located within the Ilikai Hotel & Suites, a 30-story oceanfront resort-condominium property at the western entrance to Waikiki. Built in 1964, the property comprises approximately 1,050 studio, one- and two-bedroom units, including 123 timeshare units, in a three-wing configuration designed to maximize ocean, harbor and mountain views. The property also features two pool areas, a sunset terrace, more than 14,000 square feet of landscaped yards and patios, a fitness center, valet parking, 24-hour security, concierge and bell staff services, as well as on-site restaurants and retail.
Designed by architect John Graham Jr., whose work includes Seattle’s Space Needle, the Ilikai was reportedly the first resort-condominium property developed in Waikiki and was further popularized by being featured in the opening credits of the Hawaii 5-0 television series. The property occupies a high-visibility location along Ala Moana Blvd, directly fronting the Ala Wai Boat Harbor and adjacent to the Hilton Hawaiian Village. It is also within walking distance of Ala Moana Center, Ala Moana Beach Park and Waikiki’s primary hospitality, retail and visitor destinations.
In the other transaction, a local electrician business obtained a $1.2 mil bridge loan that enabled the firm to relocate a bigger facility when it outgrew its prior headquarters. The two-year, first-lien loan was originated at 64% loan-to-value and funded the acquisition of a 4.5k sf flex industrial building that would better support the company’s growth.
Built in 1981 and renovated over the years, the acquired property is located at 215 Mokauea St and includes a 2k sf, two-story office buildout, a single grade-level loading door and 20-foot clear height. The sponsor intends to refinance into conventional financing once the initial six-month yield maintenance period on Avatar’s loan expires.
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