San Francisco – February 3, 2016 – CBRE Capital Markets Debt & Structured Finance team secured $19.7 million in financing for the acquisition of the Palms of Kilani, a 106-unit apartment building located at 1060 Kilani Avenue in Wahiawa, Hawaii.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, floating rate loan on behalf of DiNapoli Capital Partners. Financing was provided by Fannie Mae.
“This is another example of DiNapoli Capital Partners finding opportunity in a heavily supply-constrained market where they can add value through a unit-by-unit upgrade program and deliver a product that will exceed anything in the marketplace,” said Mr. Behrens, Vice Chairman, CBRE Capital Markets.
Built in 1972 and fully renovated in 2005, the mid-rise community sits in the middle of Oahu. DiNapoli purchased the property from the seller for $26 million and plans on investing approximately $450,000 in renovations. Community amenities include a pool with sundeck, barbeque area, playground, additional storage and an on-site laundry center. The Wahiawa Recreation Center is located across the street from the property and includes a swimming pool, gymnasium and sports field.
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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 2014 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.