November 13, 2013
Luxury Build Moves Forward With $120M Loan
HONOLULU-San Diego-based developer OliverMcMillan has secured a $120-million syndicated construction loan, led by First Hawaiian Bank, for its luxury high-rise development, Symphony Honolulu. The loan will finance the construction of the 3.5-acre mixed-use development. Construction is estimated to be completed by the end of 2015. Three additional lenders are involved in the transaction: Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund. Symphony Honolulu, OliverMcMillan’s newest luxury, high-rise development, is located at the corner of Ward Avenue and Kapiolani Blvd. at 888 Kapiolani Blvd. Symphony Honolulu is a 45-story residential high-rise offering 388 condominium residences featuring panoramic views, abundant amenities and contemporary design in the heart of Honolulu’s Kapiolani neighborhood. On the ground floor, JN Automotive Group will have a showcase luxury auto galleria space, featuring international brands such as Ferrari, Maserati, Bentley, Lamborghini, Audi, and Lotus. Symphony Honolulu is offering 288 market-priced residences and 100 reserved housing units. The market prices start from the low $500,000s for one bedroom, mid $600,000s for two bedrooms, and low $800,000s for three bedrooms. The average condominium size is 1,100 square feet. Reserved units are priced at lower levels and are for buyers who meet income and asset requirements set by the Hawaii Community Development Authority. The reserved housing units are currently available for sale. Extensive amenities create a private oasis for residents and their guests. For indoor activities, a state-of-the art fitness center, yoga and treatment rooms, social room with catering kitchen, private multimedia theater rooms, and guest suites for visiting friends or family, are planned. The open-air grand terrace features an infinity edge pool and sauna, entertainment cabanas for outdoor dining, and a daybed lounge retreat. The building has been designed to LEED certified standards, featuring energy efficient lighting andappliances, electric vehicle charging stations, and a photovoltaic roof system providing onsite renewable energy. In an effort to reduce the burden on the municipal water supply and wastewater systems, Symphony Honolulu is targeting a 30% reduction in water use through water-conscious plumbing fixtures and water efficient landscaping. “We have assembled a world-class design, construction and finance team for Symphony Honolulu,” says Dan Nishikawa, president of OliverMcMillan Pacific Rim. “We are honored to work together on our second high-rise project in Honolulu with First Hawaiian Bank, an institution with financial expertise and commitment to quality growth for our island community.” The project architects are Gensler and Architects Hawaii. Nordic PCL is the general contractor. “This project will generate over 400 jobs for construction and related industries for the next two years, and approximately 100 permanent jobs, contributing to the economic vitality of the community,” says Serge Krivatsy, managing director of OliverMcMillan.