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Howard Hughes Corp. Starts Resi Tower, Secures $294M Financing for Another Honolulu Development
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
The Howard Hughes Corporation secured a $293.7 million loan for its fifth residential tower, ‘A’ali’i, and broke ground on a residential building, Kōʻula, in Hawaii. The projects are part of its Ward Village, a 60-acre coastal master-planned community in Honolulu.
Howard Hughes Corp.’s David R. Weinreb says, “With each passing milestone, Ward Village continues its transformation into one of the country’s most sought-after urban communities. Breaking ground on Kō’ula, obtaining financing for ‘A’ali’i, and generating robust year-to-date sales demonstrate Ward Village’s ongoing momentum and unique position in the market.”
Kōʻula is 64% pre-sold, while ‘A’ali’i is more than 80% pre-sold. Located adjacent to Victoria Ward Park, Kō’ula will feature 565 residences and is targeting LEED certification. The construction loan for ‘A’ali’i has a three-year term with a one-year extension and carries an interest rate of LIBOR +3.10%.
Upon completion, the community will include more than 4,500 homes and roughly one million square feet of retail.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development
