October 11, 2017
Beverly Hills, CA-based Sonnenblick-Eichner Company arranged $165 million of non-recourse, first mortgage leasehold financing for Honolulu-based AIPA Properties, LLC to refinance a 1.3 million-square-foot, mixed-used property located adjacent to Honolulu International Airport in Oahu, HI. The 15-year, fixed-rate, interest only loan is secured by Airport Industrial Park, the largest office and warehouse complex in the state of Hawaii.
The financing was provided by a domestic life insurance company, and sized to a 65% loan to value.
Constructed in phases beginning in 1989, the 12.5-acre property offers Class A office space, telecom/data flex space and both light and high cube warehouse space with 38-foot clear heights. Airport Industrial Park is 99% leased to a diversified rent roll that includes Hawaiian Airlines, AT&T Corporation, Budget Rent-A-Car, City & County of Honolulu, the State of Hawaii and Lockheed Martin Corporation.
For comments, questions or concerns, please contact Dennis Kaiser