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Dec. 7, 2012

Waihonua at Kewalo High-Rise Receives Financing

By Adriana Pop, Associate Editor

Alexander & Baldwin has announced that a portion of the $206 million cost of the planned Waihonua condominium high-rise in Honolulu will be financed through a $120 million construction loan from First Hawaiian Bank, Wells Fargo Bank, Bank of Hawaii and Central Pacific Bank.

Alexander & Baldwin’s subsidiary Waimanu Development L.L.C. is part of a consortium developing the high-rise under the name Kewalo Development L.L.C. and also including N1189 L.L.C., Armstrong Homes Ltd. and BSC Waihonua L.L.C., which is owned by BlackSand Capital Management, according to the Pacific Business News.

Alexander & Baldwin subsidiary Alexander & Baldwin Properties Inc. is guaranteeing as much as $20 million of the loan. The consortium has already begun construction on the the 43-story, 341-unit condominium tower in Kakaako. The building is being developed on a 1.73-acre site located between the Hawaiki and Koolani towers that was purchased in 2010 for $16 million.

Upon completion in approximately two years, the Waihonua condominium high-rise will offer one-, two- and three-bedroom units that will be priced at $400,000, $565,000 and $720,000, respectively. Design Partners Inc. of Honolulu and Pappageorge Haymes of Chicago are the project’s designers.

In other news, Orthopedic Associates of Hawaii has signed a 10-year lease for as much as 20,000 square feet at Hale Pawaa in Honolulu. The company will occupy two floors when it relocates toward the end of 2013, the Pacific Business News reports.

Orthopedic Associates is currently located at the Physicians Office Building at The Queen’s Medical Center.

“Initially, we weren’t even thinking about relocating our practice, but once we experienced Hale Pawaa’s high-quality feel and learned that the owners would provide us with an architect to help customize our entire space, we knew this is where we wanted to be to grow our business,” orthopedic surgeon Darryl Kan told the newspaper.

The Hale Pawaa medical office building is owned by Healthcare Realty Trust. It opened in 2010 and is managed by CBRE Group Inc. Hawaii Region.

Photo credits: Alexander & Baldwin