(To read more on the multifamily market, click here.)
OAHU, HI-Canyon Capital Realty Advisors of Los Angeles andCalifornia Mortgage and Realty of San Francisco have funded a$97.9-million senior bridge loan to Halekua Development Corp., aChapter 7 debtor redeeming its own property from its bankruptcyestate. Canyon Capital funded a $55-million senior tranche andCalifornia Mortgage and Realty funded a $42.9-million juniortranche in the loan.
Backed by 161 acres of residential zoned land on the hillsidehere overlooking Pearl Harbor, the loan will repay all of HDC'ssecured creditors, and provide approximately $20 million forpre-development expenses and infrastructure for Royal Kunia PhaseII, the residential development long planned for the property.
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