REBusinessOnline

CPP Acquires 164-Unit Smith-Beretania Affordable Housing Tower in Honolulu

HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released.The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also …

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens Seniors Housing Community in Honolulu

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu.The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI).IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and …

DXD Capital, InSite Property Group Purchase Land Site in Oahu for 853-Unit Self-Storage Facility

KAPOLEI, HAWAII — A joint venture between DXD Capital, a self-storage investor and developer, and InSite Property Group has acquired a 2.3-acre land site in Kapolei Business Park on Kalaeloa Boulevard in Kapolei. InSite will develop and operate an 853-unit self-storage facility on the property for the partnership under its SecureSpace brand.Construction of the self-storage facility is slated to begin in August 2022, with completion scheduled for September 2023.The property was …

JLL Arranges $450M Refinancing for Hyatt Regency Resort in Honolulu

HONOLULU — JLL has arranged a $450 million loan to refinance debt on the Hyatt Regency Waikiki Beach Resort & Spa in Honolulu.Situated on a three-acre site, the hotel totals 1,230 rooms across two 40-story buildings with views of Waikiki Beach and downtown Honolulu. The resort features three dining venues, a spa, outdoor pool, 24-hour fitness center and 20,510 square feet of meeting space.The property also houses the Pualeilani Atrium Shops to offer guests an onsite shopping …

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 …

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