November 8, 2013
OliverMcMillan Secures $120 Million Construction Loan for Symphony Honolulu
HONOLULU (November 8, 2013) 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 will begin in this month with an estimated completion 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, OliverMcMillans newest luxury, high-rise development, is located at the corner of Ward Avenue and Kapiolani Boulevard at 888 Kapiolani Boulevard.
We are so happy with the outstanding response to Symphony Honolulu, said Dene Oliver, CEO of OliverMcMillan. We are anticipating our construction start and dreaming of the day when we welcome residents to this beautiful building that we believe will become a beloved icon for Kakaako.
Symphony Honolulu is a 45-story residential high-rise offering 388 condominium residences featuring sweeping panoramic views, abundant amenities and contemporary design in the heart of Honolulus Kapiolani neighborhood.
On the ground floor, JN Automotive Group, Hawaiis exclusive authorized dealer for some of the worlds finest automobiles, will have a showcase luxury auto galleria space, featuring international brands such as Ferrari, Maserati, Bentley, Lamborghini, Audi, and Lotus.
We are excited about our partnership with OliverMcMillan on this very special building and looking forward to making our new home here, said Brad Nicolai, President of JN Automotive Group.
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 (HCDA). 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 and appliances, 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, said 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.
Symphony Honolulu will be a wonderful addition to the Kakaako community, said Bob Harrison, President and CEO of First Hawaiian Bank. We are proud to be a part of OliverMcMillans work in Hawaii.
The project architects are Gensler, a global design firm, and Architects Hawaii, one of Hawaiis premier architectural firms. 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, said Serge Krivatsy, managing director of OliverMcMillan.
OliverMcMillan previously acquired a stalled and partially completed project in 2009. The company substantially redesigned the 48-story, 489-unit condominium project, re-branded it as Pacifica Honolulu, and brought it to a successful completion at the end of 2011.
For more information, please visit www.symphonyhonolulu.com.
Founded in 1978, OliverMcMillan has earned a reputation as one of the largest and most forward-thinking commercial real estate developers. The award-winning firm creates high-quality, artistic, market-appropriate developments and is recognized by industry leaders for its ability to move forward in a nimble and visionary manner. The firm has designed and developed more than eight million square feet of projects, with a total project value exceeding $3 billion. OliverMcMillan currently has approximately $2 billion in real estate projects under development in cities across the U.S., including Houston, San Diego, Honolulu, Atlanta, and Phoenix. Approaching each project with respect for the surrounding architecture and local culture, the firm works to create vibrant, enduring destinations. For additional information about OliverMcMillan, please visit www.olivermcmillan.com.