{"id":1004193522,"date":"2017-10-11T03:48:19","date_gmt":"2017-10-11T11:48:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004193522"},"modified":"2022-12-08T23:22:22","modified_gmt":"2022-12-09T07:22:22","slug":"hawaiis-largest-office-industrial-park-lands-165m-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hawaiis-largest-office-industrial-park-lands-165m-financing\/","title":{"rendered":"Hawaii’s Largest Office-Industrial Park Lands $165M Financing"},"content":{"rendered":"

By Gail Kalinoski<\/em><\/p>\n

\"Airport<\/a>

Airport Industrial Park in Honolulu<\/p><\/div>\n

The owners of Airport Industrial Park, the largest office and warehouse complex in the state of Hawaii, have refinanced the 1.3 million-square-foot asset in Oahu, Hawaii, with a $165 million loan arranged by Sonnenblick-Eichner Co.<\/p>\n

The 15-year, fixed-rate, interest-only loan is secured by Airport Industrial Park, a 12.5-acre, mixed-use property located adjacent to Honolulu International Airport. The financing was at 65 percent loan-to-value. While Sonnenblick-Eichner only identified the source of the loan as a domestic life insurance company, the Pacific Business News<\/em> reported it was provided by New York-based Allegiant Real Estate Capital.<\/p>\n

\u201cWe had a tremendous interest in this financing opportunity from both CMBS lenders and life insurance companies. Both capital sources provided 15-year, interest-only terms, with our client ultimately deciding upon a life insurance company execution,\u201d<\/em> David Sonnenblick, Sonnenblick-Eichner Co. principal, said in a prepared statement. \u201cDue to the low interest rate associated with this financing, our client chose to incur the prepayment associated with defeasing their existing loan.\u201d<\/em><\/p>\n

The park was constructed in phases beginning in 1989 and is owned by AIPA Properties LLC. The property has Class A office space, telecom\/data flex space and both light and high-cube warehouse space with 38-foot clear heights. The complex is 99 percent leased to a diversified list of tenants that includes Hawaiian Airlines, AT&T Corp., Budget Rent-A-Car, the City and County of Honolulu, the state of Hawaii and Lockheed Martin Corp.<\/p>\n

Patrick Brown, also a Sonnenblick-Eichner principal, noted this was the third time the Beverly Hills, Calif.-based real estate investment banking firm had financed the asset for the borrower.<\/p>\n

The company specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing, as well as joint venture equity transactions.<\/p>\n

Sonnenblick-Eichner’s recent refi deals focused on hotels
<\/strong><\/h2>\n

Last month, the firm arranged $135.8 million of non-recourse, first mortgage financing for 11 Memphis-based Cooper Hotels\u2019 properties totaling about 2,000 guestrooms in Florida, Michigan and Tennessee, all branded by Hilton. The 5-year floating rate loan was underwritten to a 70 percent loan-to-value and was interest-only for the entire term.<\/p>\n

Another big hotel refinancing<\/a> transaction occurred earlier this year when the firm arranged $92 million in first mortgage debt to refinance a portfolio of four hotels\u2014three East Coast and one in Austin, Texas\u2014with a total of 592 guestrooms. The January refinancing consisted of four separate non-recourse, non-cross-collateralized loans from three different lenders. A money center commercial bank provided a 10-year, fixed-rate financing for each of two Hyatt House properties and LIBOR-based floating rate financing from two regional banks for a Hilton Garden Inn in Albany, N.Y., and the Archer Hotel in Austin.<\/p>\n

In spring, Sonnenblick-Eichner also secured $41 million in mortgage financing for Hotel Eastlund, a 168-key hotel in Portland that received a 10-year, fixed-rate loan from an international money center bank.<\/p>\n

Image courtesy of Sonnenblick-Eichner Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Working on behalf of AIPA Properties, Sonnenblick-Eichner secured the 15-year, fixed-rate loan for Airport Industrial Park, a 1.3 million-square-foot mixed-use complex in Honolulu. <\/p>\n","protected":false},"author":260,"featured_media":1004193541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1588,21748,21752,21742,21747,15],"tags":[37943,32805,33474],"class_list":["post-1004193522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-honolulu","category-industrial","category-mixed-use","category-latest","category-office","category-west","tag-aipa-properties","tag-hilton","tag-sonnenblick-eichner-company"],"acf":[],"yoast_head":"\nHawaii's Largest Office-Industrial Park Lands $165M Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hawaiis-largest-office-industrial-park-lands-165m-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hawaii's Largest Office-Industrial Park Lands $165M Financing\" \/>\n<meta property=\"og:description\" content=\"Working on behalf of AIPA Properties, Sonnenblick-Eichner secured the 15-year, fixed-rate loan for Airport Industrial Park, a 1.3 million-square-foot mixed-use complex in Honolulu.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hawaiis-largest-office-industrial-park-lands-165m-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-11T11:48:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:22:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/Airport-Industrial-Park.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hawaiis-largest-office-industrial-park-lands-165m-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hawaiis-largest-office-industrial-park-lands-165m-financing\/\",\"name\":\"Hawaii's Largest Office-Industrial Park Lands $165M Financing - 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