HONOLULU-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 is estimated to be completed 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, OliverMcMillan's newest luxury, high-rise development, is located at the corner of Ward Avenue and Kapiolani Blvd. at 888 Kapiolani Blvd. Symphony Honolulu is a 45-story residential high-rise offering 388 condominium residences featuring panoramic views, abundant amenities and contemporary design in the heart of Honolulu's Kapiolani neighborhood
On the ground floor, JN Automotive Group will have a showcase luxury auto galleria space, featuring international brands such as Ferrari, Maserati, Bentley, Lamborghini, Audi, and Lotus.
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. 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,” says 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.”
The project architects are Gensler and Architects Hawaii. 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,” says Serge Krivatsy, managing director of OliverMcMillan.
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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.
