Halawa View II in Honolulu, Hawaii

Joint Venture Secures Financing for $168.1 Million Affordable Community in Honolulu

by Channing Hamilton

HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) secured $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in state LIHTC equity financing for Halawa View II, a high-rise development in Honolulu. The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012.

Hunt Capital Partners facilitated the LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent tax-exempt financing. Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing.

Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.1-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of the area median income. Additionally, five units will be designated for chronically homeless individuals or those in public support services. The total cost for the project is expected to be approximately $168.1 million.

Completion of Halawa View II is slated for summer 2025. The development team for the project also includes the Hawaiian Community Development Board as a managing general partner; Hawaii Assisted Housing Inc. as a special managing general partner; Mark Development Inc. as a special general partner and property manager; Nordic PCL as the general contractor; AHL as the architect; and Group Pacific as the construction manager.

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