Pacifica Honolulu Closes Loan, Resumes Construction

OliverMcMillan (OM) and First Hawaiian Bank (FHB) have closed on the construction loan to complete construction of Pacifica Honolulu, a residential and retail development at 1250 Kapi`olani Boulevard and construction has resumed.
“OM is pleased to find a financial partner in First Hawaiian Bank,” commented Dan Nishikawa, Group President of OliverMcMillan Pacific Rim. “FHB’s financial expertise and commitment to quality growth for our island community makes them an excellent partner,” continued Nishikawa.
“Where others saw only impossible hurdles, OliverMcMillan saw opportunities. The firm should be congratulated for transforming a half-built, stalled property into a successful and attractive housing opportunity that is affordable,” said Don Horner, Chairman and CEO of First Hawaiian Bank. 
“OM and its partners have made a significant investment to finish Pacifica Honolulu which will create over 400 direct and indirect construction jobs until the project is completed in fall of 20ll,” continued Nishikawa. The restart of construction by general contractor, Ledcor Construction Hawaii, is great news for the struggling construction industry in Hawaii, which has dropped 6 percent from March last year.
 “We are delighted to be a part of a winning team to complete this exclusive residential development for Honolulu residents. From the beginning, this project has been well received by perspective buyers and has signaled to the development industry that such projects can be supported by the marketplace,” said Jeff Thompson, VP and Branch Manager of Ledcor Construction Hawaii.
The success of the initial sale of Pacifica Honolulu was seen when prospective buyers camped out for 3 nights in order to purchase a condominium in the project. The buyers were looking for well priced, one, two and three-bedroom residences with an emphasis on views and great amenities.
For more information about Pacifica Honolulu, contact Heyer & Associates LLC, exclusive project broker, at (808) 596-8686, or view the website at www.pacificahonolulu.com. The Pacifica Honolulu Sales Center is open daily from 10:00 a.m. to 5:30 p.m. at Inspiration in the Honolulu Design Center, located at 1250 Kapi`olani Boulevard.
OliverMcMillan develops unique, high quality mixed-use retail, entertainment, office residential and hotel projects. OM brings strong banking and capital relationship to each project, along with an experienced team with over 30 years of expertise in real estate, investment, development, management, leasing, law architecture, marketing, acquisition, disposition and construction. While demonstrating sensitivity to unique needs of the community, OM brings creative solutions to the complexities of developing urban and sub urban places and destinations.