Hunt Capital Partners (HCP), in conjunction with Pacific Development Group (PDG) and Hunt Development Group (HDG), announced today the closing of $93.3 million in tax credit equity financing for the group’s Hālawa View II development, which aims to introduce 302 new affordable homes on Oʻahu.
The new homes will be accessible to families earning up to 30, 40, 50, and 60 percent of the area median income, offering a range of housing options to meet varying needs, according to a news release.
“We’re thrilled to help Pacific Development Group bring to fruition its vision to efficiently develop a portion of the underutilized parking on the Hālawa View site to help address the need for affordable housing in Honolulu,” said Dana Mayo, executive managing director of HCP, in the release. “This development will help alleviate both issues by providing residents with affordable rents and walking access to Honolulu’s new rail line.”
Hālawa View II will augment the existing 121-unit Hālawa View I, completed in 1972 and renovated in 2012. The new 18-story high-rise will feature a mix of studios and one-, two-, and four-bedroom units constructed above a seven-story parking garage with room for 454 vehicles. In addition, five units will be reserved for chronically homeless or those in public support services.
The project’s location between Aloha Stadium and the Arizona Memorial will place residents in close proximity to the new Skyline rail transit system. The development will also include an outdoor plaza overlooking Hālawa Stream, public art displays and barbecue/picnic areas.
According to the developers, Hālawa View II is also notable for its emphasis on environmental sustainability and energy efficiency. The building will include energy-efficient fixtures in each unit, along with electric vehicle charging stations, low-flow plumbing and low-water landscaping.
“This closing represents an initial vision and years of planning and collaboration with the community and stakeholders,” said PDG President Joe Michael in the release. “We hope this project will be a catalyst to transform the area into a vibrant community.”
HDG Vice President Sharon Gi added: “Given the longstanding shortage of affordable housing in Hawai‘i, there is an overwhelming need for this type of rental project, especially in such a centrally located part of the island.”
Hālawa View II is a combined effort by multiple stakeholders, with PDG as the project’s developer and administrative general partner, Hawaiian Community Development Board as managing general partner, Hawai‘i Assisted Housing Inc. as special managing general partner, Hunt Development Group as special limited partner, and Mark Development Inc. as special general partner and property manager.
Totaling $168.1 million in development costs, the project secured financing through various sources, including a $42.3 million Rental Housing Revolving Fund loan from Hawai‘i Housing Finance and Development Corporation and a $5 million loan from the City & County of Honolulu’s Affordable Housing Fund.
Hālawa View II is scheduled for completion in summer 2025.