CBRE Arranges Financing for Top Apartment Community on Maui
- Jun 16, 2015
As demand for multifamily housing on Maui continues to increase, CBRE Capital Markets has secured $38.5 million in financing for Sunset Terrace Apartments, a 288-unit garden-style residential complex in Lahaina, on Maui’s western coast.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office arranged the cash-out refinance through Freddie Mac on behalf of Empire USA Real Estate Investments.
The property is located at 3626 Lower Honoapililani Road, adjacent to Honokowai Beach Park in Maui’s Kaanapali Beach Resort area. It is also situated within walking distance of a number of restaurants, grocery stores and shopping venues.
Surrounded by 13 acres of lush tropical landscape, the community offers a mix of one- and two-bedroom apartments, as well as a swimming pool and direct access to the Pacific Ocean. It was built in 1987 and renovated multiple times over the years. Today, it continues to rank as one of the island’s top market performers.
“Empire USA Real Estate Investments and Freddie Mac were both able to recognize the increasing demand for housing on Maui,” Behrens said in a prepared statement. “With no new residential product being built, and the hospitality and tourism industries growing, the housing dynamics present on Maui provide a favorable scenario for multifamily owners as the demand for apartments continues to increase with new jobs entering the market.”
Photo credit: Empire USA Real Estate Investments