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HONOLULU-The 464-unit hotel-condominium project of Donald Trump and Los Angeles-based Irongate Capital Partners has picked up a $442-million construction and mortgage loan from Hypo Real Estate Capital Corp. The project will be known as the Trump International Hotel & Tower at Waikiki Beach Walk or Trump Waikiki.

The project will be part of the $1-billion Waikiki Beach Walk development here being master-developed by locally based Outrigger Enterprises. Iron Gate acquired the development rights for the project from Outrigger in 2005. Trump became attached to the project in May 2006.

In addition to the named entities for the project, equity investors include: D.E. Shaw & Co., a global investment and technology development firm; Slam Investments Inc., the US holding company of Solomon Lew of Melbourne, Australia; and Dune Real Estate Funds, a real estate private equity fund based in New York.

Trump Waikiki will be the first time Hypo has funded a project for Irongate or the equity sponsors, but it has worked with Trump before. Last September, Hypo syndicated 45% of the $537-million Trump Vegas loan, a 1,282-unit Las Vegas condo-hotel.

The 30-story Trump Waikiki tower is slated for completion in 2009. Units are expected to range from 500 sf to 3,000 sf. Proposed amenities for the 775,000-sf tower include separate lobbies for residents and hotel guests, a library, wine cellar, outdoor swimming pool and private fitness center and spa.

According to Hypo officials, the project is the first new five-star hotel to be built in Waikiki in 25 years. The project will also contain about 6,500 sf of retail space, enough for a high-end restaurant and maybe one other operator.

Earlier this year, the developers pre-sold all 464 units in an eight-hour period, for an estimated $700 million. “It is apparent that this development will be highly successful as all of its units have been pre-sold,” says Evan F. Denner, Deputy CEO of Hypo Real Estate Capital Corp.

In addition to the Waikiki project, Trump and Irongate have also partnered on a site in Mexico. Late last year, they kicked off Trump Ocean Resort Baja Mexico, a 526-suite luxury condominium-hotel resort that will be rising south of the border over the next few years. The resort is located just south of San Diego and will be the first property along the peninsula to combine luxury resort amenities and services with real estate ownership.

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