by Liviu Oltean, Associate Editor
Howard Hughes Corp. has secured a $250 million loan that will help the company redevelop the 60-acre Ward Centers in Kakaako and refinance existing mortgage loans.
Upon completion of the redevelopment, the Ward Village Shops will be anchored by a T.J.Maxx, spread on 35,000 square feet of space on the second floor of the property.
According to the Pacific Business News, the redevelopment will cost about $3 million, while most of the loan ($212 million) will be used to refinance three existing mortgages.
Currently, Ward Centers is a 550,000-square-foot shopping district that includes six specialty centers, situated along the Ala Moana Beach Park. In 2009, the Hawaii Community Development Authority granted Howard Hughes approval for a 15-year master plan. The company’s long-term project entails 9.3 million square feet of mixed-use development, 4,300 residential units, 5 million square feet of retail and 4 million square feet of office and commercial space.
“This financing is an important first step as we launch the redevelopment and ultimately deliver our master plan to unlock the value of Ward Centers,” said David R. Weinreb, CEO of The Howard Hughes Corp.
In other news, CB Richard Ellis Group Inc. is consolidating their world-renowned brand by changing the corporate name of the company to CBRE Group Inc. An official press release states that the need to change the name emerged as a natural transition for the company, which was seeking to juxtapose the company’s brand to the commercial real estate brand.
CBRE Group Inc. remains to date as one of the largest commercial real estate services firms in the world. The Fortune 500 company focuses on strategic advice and execution of property sales and leasing for markets throughout the world.