San Francisco – April 18, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has provided $80.5 million in acquisition financing for Oasis at Waipahu, a 406-unit townhome style community located at 94-207 Waipahu Street in Waipahu, Hawaii. Oasis at Waipahu is a garden-style apartment property in the city and county of Honolulu.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office facilitated the financing of the seven-year, floating-rate term on behalf of DiNapoli Capital Partners. Fannie Mae provided the loan. Mr. Behrens commented, “This was an incredible opportunity to buy one of only a handful of large institutionally owned assets in a very supply constrained market.”
Constructed on 18-acres in 1965, this community has had ongoing renovations to its 98 residential buildings and a clubhouse/management office. DiNapoli Capital Partners plans to move forward and continue with significant interior renovations and exterior capital improvements. The community is situated in a job rich submarket and is located near schools, parks, and commercial development as well as the new light rail system serving southern Oahu. There continues to be high tourism rates leading to substantial job growth for the island. Hawaii’s economy is expected to continue to grow far beyond 2016 based upon recent developments in national and global economies, the Hawaiian tourism industry and construction opportunities on the island.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.