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Legendary beaches, a balmy climate, plus world-famous shopping amenities and abundant employment opportunities make Honolulu a very attractive destination for individuals and families. Not surprisingly, affordable housing is scarce.
Now PNC Real Estate has provided financing to Stanford Carr Development, LLC (“SCD”) for a new 128-unit high rise in the Kaka’ako District of Honolulu, just blocks from Waikiki. The units will rent at 30%, 50% and 60% of area median income in the 11-story, elevator-serviced building. There will be 77 parking stalls as well as 570 square feet of commercial space.
Hale Kewalo Apartments is the second family-oriented, new construction, affordable housing complex constructed in Honolulu during the last decade. The first was Halekauwila Place, also developed by SCD and financed by PNC Real Estate. That 206-unit high-rise project is fully occupied with a waiting list of more than 1,000 potential tenants.
PNC Real Estate facilitated the many layers of financing for Hale Kewalo that include a $28 million HUD 221(d)(4) loan, $17.9 million in Federal LIHTC equity, a $4.1 million state tax credit investment and a $14.235 million bridge loan.
In discussing the transaction, SCD Principal Stanford Carr noted, “We appreciated the fact that PNC was able to bring together all of the elements, from LIHTC equity to bridge financing to permanent HUD financing, to fund a new development that will have many benefits to individuals, families and the community.”
Date: December 2017
Location: Honolulu, Hawaii
Financing Amount: $17,902,856 | $28,035,000
Financing Type: LIHTC Equity | HUD 221(d)(4) Loan
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