Developer Lands $528M for Honolulu Condo Project
Silverstein Capital Partners provided funding for the 972-unit development.
Developer Nan Shin has secured a $528 million construction loan for the Park on Ke’eaumoku, a 972-unit condominium project in the Ala Moana neighborhood of Honolulu. Silverstein Capital Partners, a division of Silverstein Properties, is the lender. Architecture is provided by Design Partners Incorporated, while Nan Inc. serves as general contractor. The project broke ground last summer and completion is expected by 2025.
The development will comprise two 42-story towers incorporating studio, one-, two- and three-bedroom floorplans ranging from 394 to 1,333 square feet. Of the total units, 826 will be sold at market rate, while 146 will be reserved as affordable for no less than 30 years, targeting individuals earning up to 120 percent of the area median income. The project features an amenity deck on the 14th floor slated to include a fitness center, movie theater, coworking space, infinity pool, spa, barbecue cabanas and dog park. In addition, the Park on Ke’eaumoku will feature 88,000 square feet of retail and a 12-story parking garage.
A central Honolulu location
Located at 825 Keeaumoku St., the site is close to Lunalilo Freeway and less than 2 miles from downtown Honolulu. Within walking distance of the property there are numerous shopping and dining options, as well as the Ala Moana Center shopping mall. The Straub and Kapi’olani medical centers are also situated nearby.
The condominium market has been active in Honolulu as of late, registering high development activity. HIcondos reports that 10 such properties are currently in various stages of construction in the area. Last year, Howard Hughes Corp. delivered a 565-unit tower, while Jeneration Capital landed $137 million for another 42-story project, expected to wrap up next year.