September 1, 2016
Robertson Properties Group (RPG) obtained a $59 million refinancing loan on Pearl City Gateway, a 146,205-square-foot shopping center at 1150 Kuala St. in Pearl City, 11 miles outside of Honolulu, HI. New York Life Real Estate Investors provided the funding, while Sonnenblick-Eichner Co. negotiated the loan.
The Los Angeles-based borrower ended up with 10-year financing at a fixed interest rate of less than 4%, with a 30-year amortization period. RPG, which developed the asset in 2010, is using the loan’s proceeds to replace maturing debt. According to Elliot Eichner with Sonnenblick-Eichner, traditional banks, investment banks and insurance companies were attracted to Robertson’s track record in Hawaii.
Pearl City Gateway is 100% occupied. Tenants include AT&T, Babies “R” Us, Domino’s Pizza, Petco, Subway and T.J. Max.
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