Howard Hughes Secures $356.8M Construction Loan for Residential, Mixed-Use Project in Honolulu
HONOLULU — The Howard Hughes Organization has received a $356.8 million construction loan for Kō’ula, the sixth residential mixed-use tower at Ward Village in Honolulu. The loan features a three-year initial term with a one-year extension. US Bank and seven other participating lenders provided the capital.
Total project costs are estimated at $485.1 million, exclusive of land costs.
Developed by The Howard Hughes Corp., Ward Village is a 60-acre, master-planned community in Honolulu. At full build-out, the development will include approximately 1 million square feet of retail and thousands of residential homes. Current mixed-use residential towers at Ward Village are Waiea, Anaha, Ae’o and Ke Kilohana. New residential buildings that are in development or under construction include A’ali’I, Kō’ula and Victoria Place.
Ward Village is the first-ever LEED-ND Platinum-certified master-planned community in the country and the only in Hawaii.