The Howard Hughes Corporation Closes $600M Construction Financing For Ward Village

The Howard Hughes Corporation® HHC announced today that the company 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. This world-class coastal community is being meticulously curated into a vibrant neighborhood with plans for over 4,000 exceptional 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. “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. “We are excited to partner with The Howard Hughes Corporation in constructing the first phase of Ward Village. The transaction is indicative of our mandate to provide flexible capital solutions to best-in-class sponsors on institutional quality real estate and reaffirms our longstanding relationship with The Howard Hughes Corporation. We believe they will deliver a world-class community and significantly contribute to the continued redevelopment of Oahu as a vibrant retail, residential and vacation destination,” said Mike Nash, Chief Investment Officer, Blackstone Real Estate Debt Strategies.