Affordable Hawaii Project Receives $41M Loan
The Michaels Org. will use the financing for the construction of Keahumoa Place Apartments, a 320-unit development, 20 miles from Honolulu.
The Michaels Org. received a $40.6 million loan for Keahumoa Place Apartments, an upcoming 320-unit project in Ewa Beach, Hawaii. Walker & Dunlop structured the financing, which will be used to build an affordable housing property on previously vacant, state-owned land.
Located along Keahumoa Parkway, a short distance from the University of Hawaii’s West Oahu campus and across the street from a new middle school, the property will be just 20 miles west of Honolulu. Plans call for a garden-style community with one-, two- and three-bedroom units in 37 two-story buildings across 20 acres. The development is set to feature garden space, picnic area, pet park and community center. Solar panels with energy-efficient storing and sharing technology will also be installed atop carports to reduce the project’s carbon footprint and lower utility costs.
Kyle Peterson and Michael Liefer of Walker & Dunlop structured the 16-year loan through Freddie Mac. Peterson and Liefer worked closely with the Hawaii Housing Finance & Development Corp. and Hawaii’s Attorney General to complete the multi-phased transaction. The master-planned community is being built using a combination of four and nine percent low-income housing tax credits, which will allow the property to remain affordable for 65 years. The community is expected to be completed by 2021.
Earlier this year, The Michaels Org. also received $61 million in financing for Mission Trail at El Camino Real, a new mixed-income community in San Marcos, Texas. The development is designed to serve the city’s workforce.