2006 Transactions
Tremont Structures $10,200,000 Financing for Hawaii Condos
Tremont Realty Capital arranged financing for the land acquisition and construction of 28 condominium units in suburban Honolulu. The development will consist of 14 buildings with two condominium units in each building. The units are approximately 1,280 square feet. Wahiawa is located in central Oahu next to Schofield Barracks. Once a small village, Wahiawa has now become a part of the greater Milani, Pearl City, Honolulu Metropolitan area. It is 18 miles from downtown Honolulu.
A Senior Director in Tremont’s Chicago office arranged the 18-month, $10,200,000 recourse loan, which provided for approximately 80% loan-to-cost. The loan was funded by a national investment banking firm. According to Tremont, “This was an entry level condo development in central Oahu (suburban Honolulu) and was the first new development in the area in over 20 years. This market is highly underserved and yet one of the strongest housing and condo markets in the country. The biggest challenge was finalizing the entitlements, plan approvals and condominium loan documents.”
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
