Hawaii

Public-Private Partnership Purchases 379-Unit Maunakea Affordable Housing Community in Honolulu

by Amy Works August 24, 2023

HONOLULU, HAWAII — Standard Communities has led a public-private partnership with the State of Hawaii, United States Department of Housing and Urban Development (HUD), Honolulu-based Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corp. in the acquisition of Maunakea, a 100 percent affordable housing community in Honolulu. Although the price was not disclosed, according to the acquisition team, the transaction is the largest FHA deal and Project-Based Section 8 transaction in Hawaii state history. The transaction extends the affordability of all units at the property for 20 years. Located at 1245 Maunakea St., Maunakea features 254 one-bedroom units and 125 two-bedroom units. Standard will implement renovations budgeted at more than $41 million, approximately $109,000 per unit, at the property, which was built in 1977 and renovated in 2000. In unit renovations will include updates to kitchens and bathrooms, as well as new flooring. Residents will also benefit from new windows throughout the property, a new business center, fitness center and the addition of grills to the picnic area.

August 24, 2023

Company News Hawaii Western

PRCP Launches #ExtendAloha Campaign to Benefit Maui

by Amy Works August 24, 2023

LAHAINA, HAWAII — Pacific Retail Capital Partners (PRCP) has launched an effort to raise funds and awareness for those affected by the recent wildfires in Lahaina on the island of Maui. Dubbed #ExtendAloha, the campaign encourages donations to the DTL Foundation’s dedicated Maui Fire Relief Fund. PRCP manages Queen Ka’ahumanu Center on the island and has agreed to match the first $10,000 raised. Donations can be made at dtlfoundation.org/mauifire.

August 24, 2023

Acquisitions Hawaii Office Retail Western

SRS Brokers $7.5M Sale of Retail, Office Property in Hawaii

by Amy Works August 8, 2023

KAILUA-KONA, HAWAII — SRS Real Estate Partners has arranged the sale of the leasehold interest of a two-story, multi-tenant retail and office building in Kailua-Kona. A private partnership sold the asset to a Hawaii-based private investor for $7.5 million. Built in 1997 on 1.5 acres, the 30,503-square-foot is located at 75-1000 Henry St. At the time of sale, the property was 98 percent occupied by Planet Fitness, Anderson Wealth Planning, Fidelity National Title and ProService Hawaii. Nicholas Paulic, A.J. Cordero, Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal.

August 8, 2023

Affordable Housing Development Hawaii Loans Multifamily Western

Joint Venture Receives Financing for $168.1M Halawa View Affordable Housing Community in Honolulu

by Jeff Shaw July 10, 2023

HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) have received $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012. Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent, tax-exempt financing. Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing. Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.11-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of …

July 10, 2023

Affordable Housing Development Hawaii Multifamily Western

Waikoloa Vacation Rentals Plans 229-Unit Affordable Housing Community in Hawaii

by Jeff Shaw May 30, 2023

WAIKOLOA, HAWAII — Waikoloa Vacation Rentals has released plans for Ho’omalu at Waikoloa Beach Resort, a 229-unit affordable community in Waikoloa, located on the western portion of the “big island” of Hawaii. Ho’omalu at Waikoloa Beach will offer one-, two- and three-bedroom floor plans, as well as amenities such as a day care, pool, fitness center, barbeque area and community center. The community will be available to households earning between 30 and 100 percent of the area median income. The project is listed on the county of Hawaii’s website as being currently under development, and Waikoloa Vacation Rentals plans to break ground before the end of 2024.

May 30, 2023

Acquisitions Hawaii Industrial Western

Jeans Warehouse Acquires 16,000 SF Industrial Facility in Honolulu

by Jeff Shaw May 12, 2023

HONOLULU — Apparel company Jeans Warehouse has purchased a 16,000-square-foot industrial facility in Honolulu. The facility is located at 99-984 Iwaena St. in the Aiea neighborhood. The acquisition comes a few months after Jeans Warehouse acquired an 18,500-square-foot industrial facility at 99-910 Iwaena St. for distribution and administration. JLL’s Cullen Oesterly represented the retailer in both acquisitions, as well as the seller of the most recent facility, CTY Investors Ltd.

May 12, 2023

Acquisitions Hawaii Retail Western

Watumull Properties Purchases Niumalu Marketplace in Kailua, Hawaii for $66M

by Jeff Shaw March 27, 2023

KAILUA, HAWAII — Watumull Properties Corp. has purchased Niumalu Marketplace, a 205,000-square-foot retail center located in Kailua on O’ahu, for $66 million. Safeway anchors the property, which is situated on 20 acres. Wendell Brooks and Kimo Greenwell of JLL will handle leasing at the center, and Big Island Colliers’ Hawaii office will provide property management services.

March 27, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

EAH Housing Breaks Ground on $58M Affordable Seniors Housing Community in Hilo, Hawaii

by Amy Works February 28, 2023

HILO, HAWAII — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawaii. Development costs are estimated at $58 million. In partnership with Hawaii Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawaii. The 92-unit affordable living community will be available to veterans, surviving spouses and other income-qualified seniors age 62 or older. The one-bedroom apartments will be offered at rents affordable to individuals and couples earning 30 percent to 80 percent of area median income (AMI). Funding sources for the project include $30 million in Hula Mae multifamily bond financing along with $16.9 million in Rental Housing Revolving Fund loans and approximately $2.5 million in annual state and federal Low-Income Housing Tax Credits from the Hawai‘i Housing Finance Development Corporation (HHFDC). The investor in those credits is Enterprise Housing Credit Investments, with permanent financing from Bank of Hawai‘i. Additional funding is provided by the County of Hawaii through its …

February 28, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

EAH Housing Breaks Ground on $58M Affordable Seniors Housing Community in Hilo, Hawaii

by Amy Works February 28, 2023

HILO, HAWAII — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawai‘i. Development costs are estimated at $58 million. In partnership with Hawai‘i Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawai‘i. The 92-unit affordable living community will be available to veterans, surviving spouses and other income-qualified seniors age 62 years or older. The one-bedroom apartments will be offered at rents affordable to individuals and couples earning 30 percent to 80 percent of area median income (AMI). Funding sources for the project include $30 million in Hula Mae multifamily bond financing along with $16.9 million in Rental Housing Revolving Fund loans and approximately $2.5 million in annual state and federal Low-Income Housing Tax Credits from the Hawai‘i Housing Finance Development Corporation (HHFDC). The investor in those credits is Enterprise Housing Credit Investments, with permanent financing from Bank of Hawai‘i. Additional funding is provided by the County of Hawai‘i through …

February 28, 2023

Acquisitions Hawaii Retail Western

U.S. Realty Partners Buys 135,996 SF Lahaina Gateway Retail Center in Hawaii for $37.2M

by Amy Works December 21, 2022

LAHAINA, HAWAII — Westlake Village, Calif.-based U.S. Realty Partners has acquired Lahaina Gateway, a grocery-anchored shopping center in Lahaina, from an institutional investment firm for $37.2 million. Located at 325-355 Keawe St., Lahaina Gateway features 135,996 square feet of retail space. The sale process started with the center 77 percent occupied with negotiated leases that will bring the occupancy to 90 percent. Tenants include Foodland Farms, Ace Hardware, Ross Dress for Less, Vitamin Shoppe, Supercuts, Local Motion and Maui Powerhouse Gym. Bryan Ley, Gleb Lvovich, Geoff Tranchina and Keenan Sue of JLL Retail Capital Markets investment sales and advisory team represented the seller in the deal.

December 21, 2022

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