A joint venture led by First Hawaiian Bank has provided $170m in financing for the construction of a 423-unit urban community in Honolulu, Hawaii.
The facility was arranged and syndicated by First Hawaiian and co-agented by American Savings Bank. It includes a $35m B-note from Alexander & Baldwin subsidiary A&B Properties.
The high-rise, 43-story condominium project in urban Honolulu is being developed by Stanford Carr Development (SCD). It will be located in the heart of Kaka’ako, on Block A of Kamehameha Schools’ Our Kaka’ako master-planned community.
SCD has been involved in real estate development for more than 20 years and has developed numerous projects throughout Hawaii, including The Peninsula in Hawaii Kai and Halekauwila Place (Kaka’ako) on Oahu, Ho’ole’a Terrace and The Villas at Kehalani onMaui, and Kulalani at Mauna Lani on the Big Island.
One-, two-and three-bedroom condominium apartments are reportedly priced from $350,000 to $1.3m. In addition to the residential component, the development will feature 39,000 sq ft of commercial space with groceries and restaurants, 280 parking spaces and 20,000 sq ft of recreation/open space. A mid-rise component to the project is being developed by Oregon-based Gerding Edlen Development.
“Keauhou translates to transformation, such an appropriate name for the renewed transformation of Kakaako back to a vibrant mixed use residential community where people live, work and play, as it was in the early through mid-1900s,” developer Stanford Carr told local publication hawaiiislandhomes.com.