Howard Hughes Secures $372M in Construction Financing
Howard Hughes Corp. secured a total of $372 million in construction financing for development of two mixed-use projects in Honolulu, HI’s Ward Village. Randy Fleischer with Hamilton Realty Finance arranged both transactions.
A $143 million partial recourse facility was obtained to develop Ke Kilohana. U.S. Bank is serving as the lead lender for a syndicate including First Hawaiian Bank, ULLICO, American Savings Bank, Bank of Hawaii, Central Pacific Bank and FNB Alaska. The project, consisting of of 375 reserved housing condominiums and 49 market rate condominiums with a Longs Drugs at the base of the high-rise, broke ground this past October, and is expected to be completed in mid-2019.
A $230 million non-recourse facility provided by Bank of the Ozarks will finance construction of Aeʻo, a 466-home mixed-use building anchored by a Whole Foods Market. The high-rise broke ground last February, with completion anticipated for late 2018.
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