CBRE has arranged a $93 million construction loan for the development of The Element, a to-be-built 318-unit Class A multifamily project in the rapidly expanding area of West Oahu, Hawaii.
Bruce Francis, Doug Birrell, Bob Ybarra, Dana Summers and Shaun Moothart of CBRE Debt & Structured Finance facilitated the loan for the developer, Hawaii-based Alaka’i Development, led by Jon Wallenstrom and Cayenne Pe’a. First Hawaiian Bank partnered with Union Labor Life and Washington Capital to provide the requisite construction financing, which has an initial three-year term with two, one-year extension options.
The Element, which is scheduled to open in late 2020, will be located at the entrance to the rapidly maturing Ho’opili master plan, next to the University of Hawaii West Oahu and immediately adjacent to UH West Oahu stop for Oahu’s new rapid transit system. The property will feature a mix of both market-rate and affordable units, which will provide welcome relief to the housing shortage and affordability challenges prevalent within the market.
“The sponsorship team has mindfully designed a superior quality project,” said Francis. “Leveraging their vast market experience, they have developed a concept that will meet the needs of the local community. The Element will be a signature asset for the area that will offer a very convenient and highly-amenitized community for local residents to enjoy.”
Features of the development will include a resort-style pool with entertainment lanai and wet bar, a private clubhouse and a fitness center which will include a group fitness room/yoga studio. The project is environmentally conscious, with electric vehicle charging stations, Energy Star appliances, a solar photovoltaic system and landscaping that features native plants. The property will also include smart-wire technology, secured access and a community Café with free Wi-Fi.
About Alaka‘i Development
Alaka‘i Development (AD) is a Hawai‘i-based development firm whose mission is to meet the need of Hawaii’s housing shortage by developing quality rental residences. With a decade of experience working together, AD’s team of real estate professionals are focused on leading Hawai‘i to a smarter where rental housing becomes a meaningful component of the State’s housing stock. The team’s history of successful public-private partnerships, cost-effective solutions, and environmentally conscious building makes Alaka’i Development trustworthy partners who achieve success by improving the built environment. For more information visit www.alakaidevelopment.com or call 808.469.1156.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
