HONOLULU — The Howard Hughes Corp. (NYSE: HHC) has secured a $600 million non-recourse construction loan from Blackstone Real Estate Debt Strategies for the development of Waiea and Anaha, the first two condominium towers at Ward Village, a 60-acre urban master-planned community in Honolulu. Randy Fleisher of the Dallas Capital Markets group of JLL arranged the financing.
“Our vision for Ward Village is to create the premier master-planned community in Hawaii offering an unrivaled vibrant urban lifestyle in the heart of Honolulu,” says Grant Herlitz, president of The Howard Hughes Corp. based in Dallas. “The closing of this loan marks another important milestone as we create the quintessential 21st century neighborhood.”
Ward Village will include more than 4,000 high-rise residences and more than 1 million square feet of retail space surrounded by outdoor public gathering places and pedestrian-friendly streets. A four-acre public park will anchor the neighborhood.
James K.M. Cheng, an internationally recognized architect based in Vancouver, in collaboration with Honolulu-based firm WCIT Architecture, designed Waiea. The tower will include 171 residences and approximately 8,000 square feet of new retail space. Construction began in June with completion projected in late 2016.
Solomon Cordwell Buenz, a global architecture and design firm, along with Honolulu-based Benjamin Woo Architects, designed Anaha. The tower will include 311 condominium residences and approximately 17,000 square feet of retail space. Construction began on Nov. 8 with completion anticipated in early 2017.
“We are excited to partner with The Howard Hughes Corp. in constructing the first phase of Ward Village. The transaction is indicative of our mandate to provide flexible capital solutions to best-in-class sponsors on institutional-quality real estate and reaffirms our long-standing relationship with The Howard Hughes Corp.,” says Mike Nash, chief investment officer of Blackstone Real Estate Debt Strategies.
Blackstone Real Estate Debt Strategies is a global investor in real estate debt. The Howard Hughes Corp. owns, manages and develops commercial, residential and mixed-use real estate throughout the United States.
Howard Hughes Corp.’s stock price closed at $143.39 per share on Monday, Nov. 10, up from $113.28 per share on Nov. 8, 2013.
— Danielle Everson