HONOLULU, HI - Walker & Dunlop, Inc. announced that the Company financed Moanalua Hillside Apartments in Honolulu, Hawaii with a $145,000,000 first trust mortgage.
Allan Edelson, managing director, led the Walker & Dunlop team that structured the financing using a Fannie Mae adjustable rate mortgage. After repaying the existing first mortgage, the financing provided net proceeds of approximately $30 million which the borrower intends to use for interior renovations and construction of 496 additional apartments.
Allan Edelson commented, "The borrower was interested in favorable prepayment options and with our team's expertise in multifamily financing, we were able to offer a unique prepayment feature of a 1 year lock-out period, followed by 1% for 12 months, 0.5% for the following 6 months, then open at Par."
Originally built in 1968 and renovated in 2004, Moanalua Hillside Apartments is a 700 unit, garden style apartment complex, featuring one and two bedroom apartments. With a regulatory agreement in place from the original issuance of the bonds in October 2000, this property offers affordable housing options (20% to low income tenants and 30% to moderate income tenants).
Moanalua Hillside Apartments consists of twenty-five buildings spread throughout a 27.7 acre site with amenities including gated access, kitchens with breakfast bars, sundecks, ocean views, two swimming pools, volleyball courts and a brand new fitness center. Located only a few miles away are Pearl Harbor, Tripler, downtown Honolulu, and a variety of shopping centers.