Hadley Properties locked down $165 million to refinance the 1.3 million-square-foot Airport Industrial Park leasehold near Honolulu International Airport, Pacific Business News reported.
The publication cited a spokesman from Sonnenblick-Eichner Co., which arranged the first mortgage financing from Allegiant Real Estate Capital. The fixed-rate interest-only loan carries a 15-year term.
According to David Sonnenblick, a Sonnenblick principal, Hadley received refinancing offers from California Medical Business Services lenders with similar terms but ultimately chose to go with a life insurance company.
Airport Industrial Park is the largest office and warehouse development in Hawaii and is 99% occupied by tenants including AT&T Corp., the city and county of Honolulu, and the state of Hawaii, among others. Hawaiian Airlines also bases its headquarters in the industrial park.
Hadley affiliate AIPA Properties LLC is the owner of the scheme, with its ground lease owned by local company Loyalty Development Co. Ltd., the Oct. 11 report noted.