CIM Group Arranges $137M Loan for Honolulu Condo Tower
Construction is scheduled to begin this month and will be completed by 2024.
Kenneth Kai Chang and Jeneration Capital has received a $137 million construction loan from a fund managed by CIM Group to build the 42-story Ililani condominium in Honolulu. The multifamily development is in the city’s Kaka’ako district.
The 197-unit Ililani, located at 615 Keawe St., offers one- and two-bedroom condos, with a mix of affordable and market-rate units. Residents will have access to conveniences that include a 13,000-square-foot rooftop recreation deck with barbecue areas, outdoor media centers, a keiki pool, bowling greens and community garden, as well as indoor amenities that an entertainment lounge, party room, coworking space and yoga studio. The property will have 6,000 square feet of ground-floor retail and a 10-story parking structure.
READ ALSO: Waterton Buys Hawaii Townhomes
“Hawaii is a uniquely impacted housing market. CIM, with their community orientation, is a good partner in this venture,” Chang told Multi-Housing News.
Ililani Project Details
The Kaka’ako district is west of downtown Honolulu and Honolulu Harbor. Ililani residents will be close a variety of entertainment, dining and retail options throughout Oahu Island. The tower is one block from a proposed Honolulu Rail Transit station.
Chang noted that Carole Sakata with CDS International designed Ililani, with Hawaiian Dredging Construction serving as general contractor. The developer intends to begin construction in the first week of April 2022, with completion expected in 24 months.