The Howard Hughes Corporation has secured a $600 million non-recourse construction loan from Blackstone Real Estate Debt Strategies for the development of Waiea and Anaha, the first two condominium towers at Ward Village. The financing was arranged by Randy Fleisher with the Dallas Capital Markets group of JLL.
Ward Village is a 60-acre urban master planned community located in the heart of Honolulu between the city’s downtown and Waikiki. Plans call for over 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 community events.
“Our vision for Ward Village is to create the premier master planned community in Hawai’i offering an unrivaled vibrant urban lifestyle in the heart of Honolulu,” said Grant Herlitz, President of The Howard Hughes Corporation. “The closing of this loan marks another important milestone as we create the quintessential 21st century neighborhood.”
Waiea, which means “Water of Life” in the Hawaiian language, was designed by internationally recognized, Vancouver-based architect, James K.M. Cheng, in collaboration with Honolulu-based firm WCIT Architecture. The tower offers the largest and most sophisticated condominium residences in Hawai’i and will be comprised of 171 residences and approximately 8,000 square feet of new retail space. Construction commenced in June 2014 with completion projected in late 2016.
Anaha, which means “Reflection of Light” in the Hawaiian language, was designed by Solomon Cordwell Buenz, a global award-winning architecture and design firm, with Honolulu-based Benjamin Woo Architects. The sophisticated and design-forward tower will offer 311 condominium residences and approximately 17,000 square feet of retail space. Construction commenced on November 8th with completion anticipated in early 2017.