Ililani Honolulu
Financing Development in Hawaii
In Q1 2022, CIM originated a floating-rate construction loan to finance the development of Ililani, a 328-unit condominium project located in Honolulu, Hawaii. In addition to the credit expertise involved in the transaction, our Development team stepped in to play an important role.
Throughout the project’s construction, the CIM Real Estate Debt Solutions team collaborated with our Development team to monitor milestones and proactively address any potential delays. This approach helped keep the construction schedule on track, culminating in substantial completion and the issuance of a temporary certificate of occupancy (TCO) in Q2 2024.
Over the course of the project, sales proceeds from condominium closings were used to repay the loan incrementally. By Q3 2024, the loan was fully repaid ahead of schedule.
The Ililani Honolulu loan highlights how diverse in-house expertise supports our ability to execute development-focused investments that enhance the local community.
Additional
Credit
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Example case studies are shown to illustrate capabilities within the strategy. There is no guarantee that any strategy objectives will be met or that past results will be replicated.
CIM 4094990