Howard Hughes has secured two construction loans worth more than $372M for the development of the Ae'o and Ke Kilohana mixed-use projects in Ward Village in Honolulu, Hawaii.
The Ae'o project, which broke ground in February 2016, will involve the construction of a 466-unit residential building that will be anchored by a flagship Whole Foods Market.
The project secured a $230M non-recourse facility from the Bank of the Ozarks and is expected to be complete in late 2018.
The Ke Kilohana project secured a $143M partial recourse facility. The scope of the work will include the construction of 375 reserved housing condominiums for local residents, as well as 49 market rate condominiums, with a flagship Longs Drugs at the base. The project broke ground in October and is expected to be over in mid-2019.
Howard Hughes’ president Grant Herlitz said: “With its unmatched product quality across a wide range of offerings, Ward Village continues to generate strong demand and transform into one of the leading urban master planned communities in the world.
“These two financings are a testament to our extensive relationships with both national and local lenders and their commitment to our vision for Ward Village.”
Ward Village will comprise over 92,000 sq m of retail space and over 4,000 new residences.