Azure Ala Moana LLC, a subsidiary of ProsPac Holdings Group, LLC, has successfully closed its construction financing for the development of the mixed-use Azure Ala Moana project. Azure Ala Moana is anticipated to be the first project in Honolulu that combines market-priced for-sale condominium units with affordable rentals as well as commercial space.
First Hawaiian Bank is the lead lender for a group of primarily local lenders, including Tradewind Capital Group, Washington Capital Management, American Savings Bank, Central Pacific Bank, Finance Factors, Hawaii National Bank and First National Bank of Alaska.
Azure Ala Moana sales started in September, and the project is now about 70% sold, with the majority sold to local buyers along with buyers from the Mainland, Japan, South Korea, and China. “The market has been strong,” Stack said. “Current sales have surpassed our target goals and allowed us to accelerate our construction timeline.”
The 41-story mixed-use tower sits on 1.1 acres of land on the corner of Keeaumoku and Makaloa streets and will include 330 market-priced condominium units, 78 rental apartments, 21,268 square feet of commercial space on the first two floors, and a public plaza.
One-, two- and three-bedroom units are currently available. For more information, visit AzureAlaMoana.com.