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Jul. 15, 2013

Forest City Hawaii’s $734M Master-Planned Community Breaks Ground on Big Island

By Adriana Pop, Associate Editor

Construction on the roadways and infrastructure is underway for a $734 million master-planned residential community in Kailua-Kona on the Big Island.

According to the Pacific Business News, the multi-phase Kamakana Villages at Keahuolu project will bring 2,330 homes, an elementary school, a charter/private school and three commercial complexes totaling 197,000 square feet of space. The new community will spread across 272 acres of land, with more than half of its housing units priced at Hawaii County-affordable levels.

The project is being developed through a partnership between Forest City Hawaii Kona L.L.C., an affiliate of Forest City Enterprises, and the state of Hawaii’s Housing Finance and Development Corp. Construction is expected to span  the next 20 years.  

Other project partners include Group 70 International Inc. of Honolulu and California-based Calthorpe Associates.

In other news, Bloomberg reports that the Four Seasons Resort Hualalai on the Big Island, which is co-owned by Michael Dell’s MSD Capital L.P. and Rockpoint Group L.L.C., has secured a $225 million mortgage from Starwood Property Trust Inc. The loan will mature in five years and has two one-year extension options.

The renowned 243-room luxury resort and residential community is situated on an 865-acre oceanfront property along the North Kona Coast.

“We are pleased to leverage our scale, flexible capital and deep underwriting experience to provide this large, complex loan, secured by one of Hawaii’s most high-profile properties, to world-class sponsors,” said Boyd Fellows, president of Starwood Property Trust. “This transaction further illustrates our unique ability to quickly meet the needs of sophisticated borrowers that require highly tailored financing solutions.”

Photo credits: www.discoverkamakana.com

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