Skip Ribbon Commands
Skip to main content

News release

HONOLULU, HI

JLL Arranges $350M Syndicated Loan for Condominium Development in Hawaii

Loan on behalf of The Howard Hughes Corporation and lead lender Blackstone to be clubbed between five lenders


HONOLULU, April 2, 2015 – Located in Honolulu’s supply-constrained market, two condominium towers standing 36 and 38 floors tall, are rising along Oahu’s south shore.
 
On behalf of Blackstone Real Estate Debt Strategies, JLL’s Capital Markets experts today announced the firm has arranged a syndicated $350 million loan for the condos, called Waiea and Anaha, within the Ward Village master planned community.  The A-note will be clubbed between five lenders including Wells Fargo, Ullico, Washington Capital Management, First Hawaiian Bank and American Savings Bank. The note is part of a larger $600 million construction loan JLL secured for The Howard Hughes Corporation in late 2014, which Blackstone provided.
 
Managing Director Randy Fleisher and Vice President Adam Mengacci led the JLL team on the transaction.
 
“The Howard Hughes Corporation has an incredibly successful track record of developing extraordinary projects, and Blackstone’s involvement as the lead lender enticed numerous banks to back this market-moving endeavor, which is fully capitalized,” said Fleisher. “Honolulu has a limited amount of residential options and this development has already received a significant amount of interest. Waiea and Anaha will deliver paradise for residents and this project kicks off the residential offerings in Ward Village.”
 
Located in the Ward Village community, the condominium development consists of two towers: the 171-unit Waiea and the 311-unit Anaha, totaling 827,000 square feet. The condos offer unparalleled views of the Pacific Ocean and Diamond Head as well as amenities including fitness centers, swimming pools, a library, children’s play areas and dog parks. The projects will also feature approximately 24,000 square feet of retail space and 989 parking spaces.
 
Ward Village is a 60-acre urban master planned community located in the heart of Honolulu between the city’s downtown and Waikiki. This world-class coastal community will feature more than 4,000 high-rise residences and more than one million square feet of retail space surrounded by outdoor public gathering places and pedestrian friendly streets. The neighborhood will be anchored by a four-acre public park that will serve as a multipurpose gathering space in Honolulu where residents and visitors will convene, socialize and enjoy an array of community events.
 
“We began construction on the two condos last summer and expect the project will be completed within the next two years,” said Grant Herlitz, President of the Howard Hughes Corporation.  “The demand for this kind of world-class housing is extremely strong and we’ve already pre-sold more than 82 percent of the units.”
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
 
About Blackstone Real Estate Debt Strategies
Blackstone Real Estate Debt Strategies, or “BREDS,” is a leading global investor in real estate debt. Launched in 2008 in order to capitalize on the dislocation in the U.S. and European real estate debt markets, today the platform has grown to over $9 billion in assets under management, with over 80 dedicated investment and portfolio management professionals in New York, Los Angeles and London. Broad product capabilities span three primary strategies: a private equity-style drawdown fund that invests in mezzanine debt and preferred equity, liquid CMBS-focused hedge and income funds, and Blackstone Mortgage Trust (NYSE: BXMT), a publicly traded real estate investment trust that originates senior mortgage loans.
 
About The Howard Hughes Corporation®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 16 states from New York to Hawai‘i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC and is headquartered in Dallas, TX. For additional information about HHC, visit www.howardhughes.com.
 
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize”, “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.