Honolulu Community Snares $105M in Refinancing
HFF secured the loan on behalf of developer Avalon Group for 7000 Hawaii Kai Drive, a 270-unit community that includes two 10-story buildings and 216 market-rate and 54 affordable units.
By D.C. Stribling, Contributing Editor
The recently completed 7000 Hawaii Kai Drive, a 270-unit multifamily property in the southeastern part of Honolulu, has obtained $105 million in financing. The property is in the seaside community of Hawaii Kai.
Completed in summer 2016, 7000 Hawaii Kai Drive is on 3.8 acres at the intersection of Keahole St. and Hawaii Kai Dr. overlooking the Hawaii Kai Marina. Its two 10-story buildings include 216 market-rate studios through four-bedroom units, as well as 54 affordable units.
Common amenities include a swimming pool, picnic/barbecue area, fitness center with cardio machines and yoga studio, music/meeting room, movie theatre/performance room, business center and dog wash. 7000 Hawaii Kai Drive also offers unobstructed ocean views.
Working on behalf of the developer, Avalon Group, HFF placed the loan with an affiliate of KKR Real Estate Finance Trust Inc. Loan proceeds were used to retire the senior and mezzanine construction financing, which HFF had facilitated for the developer in 2014.
HFF’s debt placement team included senior managing director Aldon Cole and senior associate Olga Walsh. “The project attracted very favorable institutional financing alternatives, given the lack of new, affordable for-rent alternatives in the market,” Cole said.