HONOLULU-Holliday Fenoglio Fowler recently arranged $56 million refinancing for Oasis at Waipahu, a 406-unit, townhome-style multi-housing community outside of Honolulu. HFF worked exclusively on behalf of the borrower, a joint venture led by the Bascom Group, to secure the 36-month, floating-rate loan with Prime Finance.
Prime Finance closed on the loan within three weeks from a signed application. Proceeds were used to refinance the existing debt on the property.
As GlobeSt.com previously reported, Irvine, CA-based Bascom paid $63.25 million for the property in 2008 and it was a value-add play at the time, since the Irvine-based firm planned to spend $6.9 million to upgrade and reposition the complex. Bascom's Andrew Newton and Han Jang, who oversaw the transcation at the time, said that the firm's investment in the deal included “now-scarce favorable debt financing.”
Oasis at Waipahu is located about 16 miles northwest of downtown Honolulu halfway between Kapolei and Honolulu. Originally built in 1965, the 406 units are comprised of 374 townhomes and 32 flats.
Community amenities at the complex include a clubhouse, pool, kiddie pool, laundry room, fitness center, business center and dog park. Though certain interior renovations are on-going, Oasis at Waipahu had undergone a significant interior and exterior renovation during 2008 and 2009. The property, managed by Entrada Partners out of Los Angeles, is currently 97% leased.
The HFF team representing the borrowers was led by senior managing director Kevin MacKenzie and associate director Charles Halladay. Prime Finance is a national balance sheet lender that provides first mortgage bridge loans and sub-debt with offices in San Francisco, Chicago and New York.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
