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