REBusinessOnline

Berkadia Provides $16.6M Refinancing for Assisted Living Community in Kailua-Kona, Hawaii

KAILUA-KONA, HAWAII — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island.Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020.The borrower was also able to …

BlackSand Capital Buys Waikiki Galleria Tower in Honolulu for $270M

HONOLULU — BlackSand Capital has acquired Waikiki Galleria Tower, a 15-story office property on Kalakaua Avenue in Honolulu, for $270 million. The seller, an 2222 SPE LLC, an affiliate of Sanno USA, originally bought the asset from Honolulu-based The Mills Group in December 2011 for $187.1 million.BlackSand Capital plans to redevelop the two-story, 75,000-square-foot retail property that was most recently occupied by DFS Group’s T Galleria. DFS declined to extend its lease on the space, …

Michaels Organization Breaks Ground on $93.3M Affordable Seniors Housing Project in Downtown Honolulu

HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu.Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units.Construction of the $93.3 million project will be …

Realty Income Corp. Buys 21-Property Convenience Store Portfolio in Hawaii for $109.4M

HAWAII — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million.The portfolio includes 12 properties in O’ahu, two facilities in Kauai, four properties in Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple-net …

Howard Hughes Corp. to Add 2 MSF of New Development Across Four Master-Planned Communities

HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu.At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company …

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties.The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care.Palo Alto Commons, built in 1989 and 2010, is a …

Standard Communities, Stanford Carr Development Buy Kamakee Vista Affordable Housing Project in Honolulu

HONOLULU — Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corp., have closed on the final phase of its $223.9 million public-private partnership that will preserve 1,221 units of affordable housing across six properties on the islands of Oahu, Hawaii and Maui.The last phase was the acquisition of Kamakee Vista, an affordable apartment community located at 1065 Kawaiahao St. in Honolulu. The building will …

Target to Open 122,000 SF Location at Kukui Marketplace in Kauai, Hawaii

LIHUE, HAWAII — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace in Lihue, located on the island of Kauai. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart.JLL represented Kukui Grove Center in the lease

Lancaster Pollard Provides $33M Fannie Mae Refinancing for Seniors Housing Asset in Honolulu

HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu.Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii.The borrower is MW Group. The Fannie Mae loan features a 10-year term …

Highridge Costa Completes 13-Story Affordable Seniors Housing Tower in Oahu, Hawaii

KAPOLEI, HAWAII — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans.Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential …

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