677 Ala Moana Boulevard

Location: Honolulu, HI
Type: Office
Price: $41,440,000

SMC has provided a $41,440,000 five-year fixed rate first mortgage to refinance the existing debt collateralized by 677 Ala Moana Boulevard, a 293,016 square foot Class B+ multi-tenant office building located in the Kaka’ako District of Honolulu, HI. The Property benefits from its unique location along Ala Moana Boulevard directly across from the University of Hawaii’s John A. Burns School of Medicine and the Cancer Research Center of Hawaii. The Property is 5.8 miles south of the Honolulu International Airport and is in the center of Kamehameha Schools’ master-planned redevelopment of the Kaka’ako District into a pedestrian-oriented urban village encompassing more than 29 acres, 4.4 million square feet of floor area across multiple uses, and 2,750 residential units planned across 7 high-rise developments and other low-rise buildings. Throughout 2013 and 2014 the Property will be converted from a Class B+ asset with an exterior comparable to its peers in the submarket to a Class A building with a contemporary faade.