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$337M Fuels Hawaii Condo Development

MAUI, HI-GMAC Commercial Mortgage Corp. provides $202.8 million for a two-tower, 120-unit development across from the Grand Wailea Resort here and $135 million for a 212-unit development in the Waikiki section of Honolulu.

By Brian K. Miller | Updated on January 17, 2006

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MAUI, HI-GMAC Commercial Mortgage Corp. has provided nearly $340 million for two condominium developments in Hawaii, one here and another on Oahu. Both are short-term floating-rate construction loans.The larger of the two loans, $202.8 million, is for Ho’olei, a 20-building, 120-unit town home development rising on 30 acres across from the Grand Wailea Resort and surrounded on three sides by the Wailea Blue Course. Each building will contain six two-story units. Property amenities will include a recreation facility containing a swimming pool, two whirlpool spas and a fitness facility. The borrower, Wailea MF-9 Associates, is a Hawaii LLC comprised of affiliates owned and controlled by Paul Vogel, Martin Quill and Ray Watt and Whitehall Street Global Employee Fund 2001 LP, Whitehall Street Global Real Estate LP 2001 and Whitehall Parallel Global Real Estate LP 2001.Units will range in size from 2554 sf and 3293 sf and have three bedrooms, 3.5 bathrooms, a lanai, an enclosed parking garage and a private elevator. The asking price range is $2.1 million to $3.5 million, which equates to a sell-out of more than $300 million.In the other financing, GMACCM provided $135 million for Ala Wai Watermark, a 212-unit high-rise development on 3.6 acres in the Waikiki section of Honolulu. The site is bounded by Ala Wai Boulevard, Hobron Lane and Lipee Pee Street.

The borrower, Ala Wai Watermark Development LLC, is a single-asset entity comprised of affiliates owned and controlled by Intracorp San Diego LLC and Whitehall Street Global Real Estate Limited Partnership 2005. The loan was originated by GMACCM senior vice president Bob Keating.

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