Hawaii

Walker & Dunlop Arranges $39.7M Loan for Community in Honolulu

by Nellie Day October 30, 2015

HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Recently, Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.

October 30, 2015

Hawaii Loans Retail Western

Walker & Dunlop Arranges $39.7M Loan for Community in Honolulu

by Nellie Day October 29, 2015

HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.

October 29, 2015

Hawaii Retail Western

Six New Restaurants to Open at Ka Makana Ali’i in West Oahu

by Nellie Day October 8, 2015

KAPOLEI, HAWAII — Six new restaurants are set to open at DeBartolo Development’s Ka Makana Ali’i, a 1.4-million-square-foot regional mall currently under construction in Kapolei in West Oahu. Openings will include a 6,200-square-foot California Pizza Kitchen, Luibueno’s, Nagoya Ramen, Auntie Anne’s, Cinnabon and Gloria Jean’s Coffee. Phase I of the center is expected to open in late 2016.

October 8, 2015

Hawaii Retail Western

Lowe’s Buys Site at Maui Business Park II in Hawaii for $18.7M

by Nellie Day September 3, 2015

MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.

September 3, 2015

Hawaii Industrial Market Reports Western Western Market Reports

Hawaii’s Industrial Market Copes with Supply Constraints

by Nellie Day July 14, 2015

Hawaii is one of – if not the – top-performing industrial market in the country. The city and county of Honolulu, which contains Hawaii’s main shipping port, had a low vacancy rate of 2.05 percent at the end of the first quarter. This vacancy rate peaked at 4.8 percent in 2009. Significant gains have been made since then. The direct weighted average asking net rental rate for industrial users in Honolulu was $13.80 per square foot (NNN) at the end of the first quarter, while operating expenses ran an additional $5.16 per square foot, per year on top of that. Having bottomed out after the downturn in 2009 at $11.20 per square foot, the Honolulu market has gained almost 24 percent since then. Land values have also followed suit. Hawaii is definitely not Chicago or Los Angeles. In fact, both of those markets have individual industrial parks greater in size than the entire Hawaii marketplace, at 39 million square feet. Having said this, Hawaii is in the midst of a construction and tourism boom, with billions of dollars being allocated to urban core renewal projects, light rail, resort renovations and new residential developments. Up until recently, this renewal had occurred …

July 14, 2015

Hawaii Retail Western

Burnham USA Buys Shops on the Green in Maui

by Nellie Day May 22, 2015

MAUI, HAWAII — Burnham USA has purchased Shops on the Green, a 6.3-acre shopping center on Maui, for an undisclosed sum. The center is located at 100 Wailea Ike Drive in Wailea. Shops on the Green will soon undergo a renovation and a rebranding. It will be renamed Wailea Village Center. The transaction also includes about 22,000 square feet of retail and office buildings, as well as golf-related facilities. Burnham has also secured entitlements to expand the center for an additional 23,000 square feet of retail, which the firm plans to develop immediately. The project is situated directly across from Grand Wailea Resort, the Four Seasons Resort Maui at Wailea and the new Andaz Maui at Wailea Resort. It sits adjacent to the Marriott Residence Inn. The center includes the main facilities for Wailea’s flagship golf course and club, called Old Blue. The seller, Ronald Allred, is best known as the founder and developer of Telluride Ski Mountain Village in Colorado.

May 22, 2015

Hawaii Hospitality Western

Hilton Garden Inn Waikiki Beach to Debut in 2016

by Nellie Day May 1, 2015

Hilton Worldwide has announced it will open the new the 623-guestroom Hilton Garden Inn Waikiki Beach on Oahu early next year. It will occupy the former site of OHANA Waikiki West at 2330 Kuhio Ave. That structure was built in 1970. The resort’s public spaces and guestrooms are currently undergoing a renovation that should be completed in early 2016. Hilton is also adding a full-service restaurant and lounge, a grab-and-go market, a modern lobby and a new fitness center. The hotel will also feature an enhanced pool deck with a bar, grill and poolside cabanas. This will be the firm’s first Hilton Garden Inn hotel on the island of Oahu. It will be managed by Evolution Hospitality.

May 1, 2015

Hawaii Loans Multifamily Western

Waiea, Anaha Condo Developments in Honolulu Receive $350M Loan

by Nellie Day April 3, 2015

HONOLULU, HAWAII — The Howard Hughes Corporation has received a $350 million syndicated loan for two condo development projects in Honolulu. The condos, called Waiea and Anaha, will be situated within Ward Village. Ward Village is a 60-acre, urban master-planned community located between the city’s downtown and Waikiki. The community will feature more than 4,000 high-rise residences and more than one million square feet of retail space. The retail will be surrounded by outdoor public gathering places and pedestrian-friendly streets. Ward Village will be anchored by a four-acre public park that will serve as a multipurpose gathering space. The two condo developments offer views of the Pacific Ocean and Diamond Head. Amenities including fitness centers, swimming pools, a library, children’s play areas and dog parks. The projects will also feature about 24,000 square feet of retail space and 989 parking spaces. The A-note will be spread between five lenders, including Wells Fargo, Ullico, Washington Capital Management, First Hawaiian Bank and American Savings Bank. The note is part of a larger $600 million construction loan, which was secured by JLL for the Howard Hughes Corporation in late 2014. Financing was provided by Blackstone Real Estate Debt Strategies. The JLL team was …

April 3, 2015

Hawaii Hospitality Western

Hampton Hotels to Open First Location in Hawaii

by Nellie Day January 7, 2015

OAHU, HAWAII — Hampton Hotels has announced plans to open its first property in Hawaii. The 175-key Hampton Inn & Suites hotel will be developed as part of the new Ka Makana Ali‘I mixed-use center in West Oahu. The hotel will break ground mid-year. Ka Makana Ali‘I will be a 1.4-million-square-foot regional shopping center with more than 150 new shops and restaurants, a movie theater and LEED-certified office space. Phase I is expected to open next year. Both the new hotel and the shopping center are being developed by DeBartolo Development. Hampton Hotels operates 2,000 locations worldwide. It will also boast locations in all 50 states, as well as the District of Columbia and Puerto Rico, once this project is completed. Hilton Worldwide currently operates six hotels and seven timeshare properties in Hawaii.

January 7, 2015

Hawaii Loans Multifamily Western

Honolulu Apartment Project Receives $100.6M in Financing

by Nellie Day December 10, 2014

HONOLULU — A 269-unit apartment project in Honolulu has received $100.6 million in construction financing. The development will be located at 7000 Hawaii Kai, at the intersection of Keahole Street and Hawaii Kai Drive in East Honolulu. The two, 10-story buildings will be situated on one of the last remaining residential development sites in the submarket, according to HFF, which secured the financing. Community amenities will include a swimming pool, fitness center with cardio machines and yoga studio, club room with full kitchen, library, meeting room, media/performance room and business center. The community will overlook the Hawaii Kai Marina once it’s completed in 2016. The project is being developed by a subsidiary of Hanwha America Development LLC and Avalon Development. Hanwha is the U.S. real estate arm of Korea-based Hanwha Engineering Construction Corp. HFF’s Aldon Cole and Zack Holderman secured the financing, which is composed of a $67.2-million, first-lien loan and $33.4 million in mezzanine financing. The first-lien loan was placed with Bank of the Ozarks, while the mezzanine financing was provided by iStar Financial.

December 10, 2014

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