PHILADELPHIA, PA – June 17, 2021 – Berkadia Affordable Housing is pleased to announce the $45MM closing of Halewai’olu Senior Residences, a new construction community in Honolulu, Hawaii. Halewai’olu Senior Residences will be Berkadia’s largest LIHTC equity placement to date. Once complete, it will provide 156 units to seniors age 62+ earning between 30%-80% AMI. It marks Berkadia’s fourth LIHTC investment under management on the island of Oahu, Hawaii. Berkadia syndicated all four phases of the Keahumoa master development, which contain 320 LIHTC family rental apartments in the Ewa Beach/East Kapolei area of southwest Oahu.
“We are motivated by the collaborative efforts of our investors and lenders who successfully navigated through the complexities of closing this deal despite the challenges due to COVID-19 and the enacted 4% floor that passed at the close of 2020,” said Susan Moro, Managing Director and Head of Transaction Management. “It is important now, more than ever, to continue providing exceptional client service and communication to our partners so that collectively we can provide safe and affordable housing to seniors across the country”.
Halewai’olu Senior Residences is being developed by The Michaels Organization in partnership with the City and County of Honolulu and the State of Hawaii. It is being financed by a construction loan from First Hawaiian Bank, a State of Hawaii Rental Housing Revolving Fund (RHRF) loan, a Freddie Mac TEL perm loan, as well as 4% LIHTC credits and Hawaii State Tax Credits.