Hawaii

HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the project. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of  ‘Aiea …

0 FacebookTwitterLinkedinEmail

HILO, Hawaii — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawaii. Development costs are estimated at $58 million. In partnership with Hawaii Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawaii. The 92-unit affordable living community will be …

0 FacebookTwitterLinkedinEmail

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and …

0 FacebookTwitterLinkedinEmail

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 …

0 FacebookTwitterLinkedinEmail

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 (HMMF) tax-exempt bonds, $21.3 million …

0 FacebookTwitterLinkedinEmail

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, …

0 FacebookTwitterLinkedinEmail

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 …

0 FacebookTwitterLinkedinEmail

KAPOLEI, Hawaii — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans. Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential towers with ground-level retail and commercial space. Communities amenities include a community meeting room, picnic area …

0 FacebookTwitterLinkedinEmail

HONOLULU — Coastal Rim Properties has purchased a 12,842-square-foot land parcel in downtown Honolulu from an affiliate of Next Realty for an undisclosed price. The buyer plans to develop a 20-story affordable seniors housing tower on the property, which is located at 1192 Alakea St. The site currently houses a vacant parking lot. Steven Sofos of Sofos Realty Corp. represented the seller. Matt David and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego provided advisory services for the transaction.

0 FacebookTwitterLinkedinEmail