Honolulu — An affiliate of Wells Fargo & Co. (NYSE: WFC) has completed the $238 million refinancing of maturing debt for Ward Village, a 60-acre urban master-planned development underway in Honolulu.
The Howard Hughes Corp. (NYSE: HHC) is the master developer of Ward Village, which features three condominium towers under construction. Upon completion, Ward Village will comprise 4,000 residences and 1 million square feet of retail and restaurant space. The development is situated between downtown Honolulu and Waikiki in the Kak’ako district.
Ward Village is the only project in Hawaii to receive LEED Platinum certification for neighborhood development (LEED-ND) and the largest one in the United States to receive LEED-ND Platinum certification.
The financing is secured by the existing Ward Village commercial properties, excluding the condominium towers currently under development.
Ward Village’s three condominium towers underway — Waiea, Anaha and Ae ‘o — will open in late 2016, 2017 and 2018, respectively. The three towers will feature ground-floor retail space, including a Nobu restaurant, Merriman’s restaurant and the largest Whole Foods Market in Hawaii. Other mixed-use condo buildings within Ward Village include Gateway Towers and Ke Kilohana, which features a 23,000-square-foot, street-level Longs Drugs store.
— John Nelson
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