CREDE Set with $68M for Kona Retail Construction
The Davies Group at George Smith Partners (GSP) has secured a total of $67.9 million of funding in two placements for construction and completion of Commercial Real Estate Development Enterprises’ (CREDE) Niumalu Marketplace, a 204,275-square-foot shopping center development located on 20-acres in Kona , HI, fronting Queen Ka`ahumanu Highway.
Placements include a $51.7 million senior construction loan with Centennial Bank, and $16.2 million in mezzanine debt from Pearlmark Real Estate Partners. Funds will be deployed with construction well underway, targeting a Q4 2020 delivery.
The Davies Group’s Malcom Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky facilitated the financings on behalf of CREDE.
According to GSP’s Davies, underwriting required highlighting the need for new retail development in Kona, and identifying lenders who understood the value of both the fee simple land ownership and high demand for new retail driven by a shortage in the market.
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