Hawaii

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

by Taylor Williams October 25, 2021

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 experience. Hotel guests can also access weekly cultural activities such as lei making, ukulele and hula lessons and a day camp for children. Guestrooms are furnished with flatscreen TVs, work areas and private balconies with mountain or beach views. Suites with separate living areas and wet bars are also available. The property offers proximity to a number of key transit hubs and tourist destinations on the island. These include Daniel K. Inouye International Airport, the Honolulu Harbor cruise terminal, Kapiolani Park, the Royal Hawaiian Center and Waikiki Beach Walk Entertainment Center. Kevin Davis and Mike Huth of JLL arranged the five-year, floating-rate loan on behalf of the borrower, South Korea-based Mirae Asset Global Investments. A consortium of lenders that included Deutsche …

October 25, 2021

Hawaii Loans Multifamily Seniors Housing Western

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

by Amy Works August 19, 2021

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 utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well as some outstanding partnership debt. The borrower, a Washington-based owner-operator, previously managed the building on behalf of the seller. At the time of purchase, occupancy was well below its potential due primarily to capital expenditure needs. As part of the remodel, the buyer addressed all deferred maintenance, updated the common areas and installed solar panels for both electricity and hot water. As a result, the new owner was able to push rents and bring occupancy up to 87 percent, a number which is expected to continue to increase as COVID-depressed occupancy improves across the sector.

August 19, 2021

Acquisitions Hawaii Office Retail Western

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

by Amy Works August 6, 2021

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, which it had occupied since 1999.

August 6, 2021

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

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

by Amy Works June 14, 2021

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 funded using a combination of $48 million in Hula Mae Multi-Family Tax-exempt Bonds (HMMF), $21.3 million in Rental Housing Revolving Funds (RHRF), a $10 million traditional construction loan, and equity from the sale of low-income housing tax credits. First Hawaiian Bank is the lead construction lender with participation from American Savings Bank. Hawaii Housing Finance and Development Corp. administers the HMMF and RHRF. Halewai`olu Senior Residences will be available to seniors ages 62 and older, with rents starting at $547 per month. All of the units will be restricted to those earning between 30 percent and 80 percent of area median income.

June 14, 2021

Acquisitions Hawaii Net Lease Retail Western

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

by Amy Works March 12, 2021

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 basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net Lease Capital Market, in cooperation with Jackson Nakasone of NAI CBI Hawaii, represented the seller in the transaction.

March 12, 2021

Development Hawaii Maryland Mixed-Use Multifamily Nevada Southeast Texas Top Stories Western

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

by Kristin Harlow February 3, 2021

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 will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …

February 3, 2021

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

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

by Amy Works December 18, 2020

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 three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

Acquisitions Affordable Housing Hawaii Multifamily Western

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

by Amy Works December 3, 2020

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 undergo a $14.3 million rehabilitation program to renovate unit interiors, modernize building systems and update common areas. Residents of the property will not be displaced during renovations. Built in 1992, the 28-story property features 226 residences, more than 35,000 square feet of commercial space and an attached 251-stall parking facility. The community offers a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities.

December 3, 2020

Development Hawaii Leasing Activity Retail Western

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

by Amy Works October 29, 2020

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 negotiation.

October 29, 2020

Hawaii Loans Multifamily Seniors Housing Western

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

by Amy Works September 3, 2020

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 and five years of interest-only payments. The Plaza at Punchbowl is located on the slopes of Punchbowl Crater, an extinct volcanic tuff cone located in the heart of the city. The Punchbowl Crater is known for being home to the National Memorial Cemetery of the Pacific, a U.S. armed services memorial that draws millions of visitors each year.

September 3, 2020

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