July 11, 2019 Comments (0) Views: 385 Hawaii, National News, West

Howard Hughes Corp. Starts Resi Tower, Secures $294M Financing for Another Honolulu Development

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The Howard Hughes Corporation secured a $293.7 million loan for its fifth residential tower, ‘A’ali’i, and broke ground on a residential building, Kōʻula, in Hawaii. The projects are part of its Ward Village, a 60-acre coastal master-planned community in Honolulu.

Howard Hughes Corp.’s David R. Weinreb says, “With each passing milestone, Ward Village continues its transformation into one of the country’s most sought-after urban communities. Breaking ground on Kō’ula, obtaining financing for ‘A’ali’i, and generating robust year-to-date sales demonstrate Ward Village’s ongoing momentum and unique position in the market.”

Kōʻula is 64% pre-sold, while ‘A’ali’i is more than 80% pre-sold. Located adjacent to Victoria Ward Park, Kō’ula will feature 565 residences and is targeting LEED certification. The construction loan for ‘A’ali’i has a three-year term with a one-year extension and carries an interest rate of LIBOR +3.10%.

Upon completion, the community will include more than 4,500 homes and roughly one million square feet of retail.

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