George Smith Partners Secures $51.7M Construction Loan, $16.2M Mezzanine Debt for Niumalu Marketplace in Hawaii
KONA, HAWAII — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE).
Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020.
Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction financing portion and Pearlmark Real Estate Partners provided the mezzanine debt.