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 and a community workspace with high-speed internet access.
The development is being financed with a combination of tax-exempt bonds, tax credit equity and a $10.7 million rental housing revolving fund loan from the Hawaii Housing Finance and Development Corp. Citibank is serving as the construction lender and Aegon is the tax credit investor.