By Silverstein Properties | SIlverstein Properties
SILVERSTEIN CAPITAL PARTNERS CLOSES ON $528 MILLION CONSTRUCTION LOAN
FOR THE PARK ON KE’EAUMOKU
NEW YORK, April 25, 2023 – Silverstein Capital Partners (SCP) – Silverstein Properties’ real estate lending platform – closed on a $528 million construction loan for The Park on Ke’eaumoku. The financing was arranged by Cushman & Wakefield’s Los Angeles debt team led by Rob Rubano. Located on three-and-a-half acres in midtown Ala Moana, a popular live/work neighborhood in Honolulu, Hawaii, The Park will feature 972 residential units across two 42-story towers.
The project is developed by Nan Shin, and designed by Design Partners Incorporated (DPI), with Nan, Inc. as the general contractor.
“We are thrilled to partner with Silverstein Capital Partners to secure financing for The Park on Ke`eaumoku,” said Nan Chul Shin, owner and developer of The Park on Ke`eaumoku. “This will advance our vision to address Hawai’i’s demand for housing and provide homes for Hawai’i residents to own. Our plan is to create a vibrant community where individuals and families can work, eat, shop and relax, all within a beautiful park setting.”
“SCP believes that the Honolulu market remains strong for high quality mixed-use projects with great sponsorship.” said Michael May, President of Silverstein Capital Partners. “We are very excited to work with Nan Chul Shin and Nan Inc. on The Park on Ke’eaumoku. The project will transform the streetscape and skyline with a beautiful park, stunning rooftop pool and amenities, as well as class-A condos, affordable units and a vibrant commercial component.”
The Project will include 826 market-rate condo units and 146 affordable units with stunning views as well as a 12-story parking garage, half-acre park, and 88,000 square feet of commercial space, featuring a dining venue/food hall for visitors and residents. Residents of The Park on Ke’eaumoku will enjoy an amenity deck on the 14th floor with an infinity pool, fitness center, co-working space, movie theater, BBQ pavilions, and more. Construction commenced in Summer 2022 and completion is expected in 2025.
