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7/08/19
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The Michaels Organization has obtained $40.6 mil in financing across four loans for Keahumoa Place Apartments, a new garden-style affordable housing community to be built in Ewa Beach, Hawaii. Located just 20 miles west of Honolulu, the project will be built on previously vacant, state-owned land and will provide much-needed housing at affordable rents in one of the nation’s most expensive housing markets.
The property is ideally situated along Keahumoa Pkwy, a short distance from the Kualakai Transit Station, the University of Hawaii’s West Oahu campus, and across the street from a Kroc Center and a new middle school. Once construction is complete in 2021, Keahumoa Place Apartments will consist of 320 one-, two-, and three-bedroom units in 37 two-story buildings across 20 acres of land.
The development will feature beautiful garden space, a picnic area, pet park, and community center complete with a multi-purpose room and computer lab. Innovative solar panels with efficient energy storing and sharing technology will also be installed atop carports to reduce the project’s carbon footprint as well as lower utility costs for residents.
The financing, arranged by Kyle Peterson and Michael Liefer with Walker & Dunlop, was funded through Freddie Mac’s Tax-Exempt Loan (TEL) and Unfunded Forward Commitment programs. It allows the client to lock in attractive interest rates through the entire term of each 16-year loan.
It will utilize a combination of 4% and 9% Low-Income Housing Tax Credits (LIHTC) and remain affordable for 65 years. Peterson and Liefer worked closely with the client, the Hawaii Housing Finance & Development Corporation (HHFDC), and Hawaii’s Attorney General to complete the complex, multi-phased transaction.
The Michaels Organization is the largest owner and operator of affordable housing in the country.
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