HONOLULU, HI – Douglas Emmett hosted a grand opening event celebrating the completion of 491 new workforce housing units at Moanalua Hillside Apartments. The new apartments include studios and one-bedroom units designed to serve individuals and families in the 80 percent to 120 percent Average Median Income (AMI) range. 

“The expansion of Moanalua Hillside Apartments provides critically needed workforce rentals for local families, individuals and military personnel,” said Douglas Emmett President and Chief Executive Officer Jordan Kaplan. “With the completion of this project, we have already turned to our announced downtown conversion of 1132 Bishop from office to residential with the goal of meaningfully impacting the supply of affordable rental housing on O’ahu.”

“There is a huge unmet demand for affordable housing in the City and County of Honolulu,” said Mayor Kirk Caldwell. “Douglas Emmett is stepping up by providing nearly 500 new workforce housing units at Moanalua Hillside Apartments. This provides our residents the opportunity to live more resilient lives and we are grateful to Douglas Emmett for building this much needed housing product.”

The grand opening ceremony included a traditional Hawaiian blessing and maile lei untying, brief remarks from Douglas Emmett executives and Mayor Kirk Caldwell, and the presentation of a $20,000 check to Red Hill Elementary School. 

“We are deeply grateful for the generous gift from Douglas Emmett and know that these funds will contribute to enhancing the education of our keiki,” said Rory Vierra, Principal of Red Hill Elementary School. “As one of Moanalua Hillside Apartments’ neighbors, we can see and feel the effect of the revitalized apartments and are proud to welcome more residents to Moanalua and our Red Hill community.”

Upgrades accompanying the expansion of Moanalua Hillside Apartments include an 8,000 square foot fitness center, a yoga studio, two saltwater pools, recreation areas, and a new management and leasing office.  As the largest developer of workforce rental properties for families in Hawai’i, Douglas Emmett is currently working on converting 1132 Bishop, a 25-tale downtown Honolulu office building, into approximately 500 new workforce rental apartments and also operates the Villas at Royal Kunia and Waena Apartments on O’ahu.

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DALLAS, TX – The McKenzie, a luxury high-rise apartment community developed by StreetLights Residential, was recently recognized as the first certified Fitwel multifamily development in Texas, according to the Center for Active Design. The Knox/Henderson-area 22-tale residential high-rise was recognized for its focus on sustainability, and particularly health and wellness, with its design, development and operation. StreetLights is known for its boutique hotel-inspired communities that deliver a long-lasting positive impact on neighborhoods.

“Our strategic focus has always been about crafting gorgeous multifamily communities that lift the human spirit. The Fitwel certification supports our vision and reinforces our design-centric approach to multifamily,” said Doug Chesnut, StreetLights CEO. “We believe how people live should influence design, and this includes making health and wellness a priority.”

Fitwel provides a new standard for the building industry and supports widespread adoption of health-promoting strategies in commercial real estate. Health has become increasingly vital to tenants and multifamily owners and developers are responding with thoughtful health-centric communities. The McKenzie was named a Fitwel-certified space due to its location, building access, outdoor spaces, indoor environment, dwellings, shared spaces and more.

StreetLights and partner Tricon Capital Group Inc. recently completed The McKenzie, which features 183 luxury apartment homes that provide improved quality of air, water, light and sleep. These include enhanced ventilations practices, Lutron smart lighting, blackout shades, windows designed to minimize exterior noise levels, and a balcony in every residence, among other features built to support each resident’s lifestyle.

StreetLights worked with architecture firm Looney Ricks Kiss Architects. Linda Tycher & Associates served as the landscape architect and Waldrop + Nichols Studio was the interior designer.

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SAN MATEO, CA – Walker & Dunlop announced that it closed a $15,960,000 forward commitment for the permanent financing of Bay Meadows Apartments, a 68-unit affordable housing community located in San Mateo, California. The property will be developed using 9% Low-Income Housing Tax Credits (LIHTC) and is scheduled to be completed in June 2020, with the permanent loan targeted for conversion in September 2020.

Walker & Dunlop’s Jeff Kearns and Matt Naish completed the Freddie Mac Unfunded Forward Commitment loan on behalf of the developer, BRIDGE Housing. The team utilized Freddie Mac’s “Index Lock” program feature, which fixed the interest rate structure prior to formal loan approval. Kearns and Naish were also able to provide impressive pricing and terms on the 17-year loan, including a max loan-to-value of 90 percent and a minimum debt service coverage ratio of 1.15x. The 30-month commitment will provide ample time for BRIDGE Housing to complete construction, lease-up, and project stabilization. The favorable loan terms also minimized the deferred developer fee, providing the certainty of execution required by the developer’s other capital partners, Silicon Valley Bank and National Equity Fund, Inc.

Limited housing options in the greater San Francisco metro area have resulted in significant year-over-year rent growth and high vacancy rates. As affordability in the market declines, cost-sensitive renters are beginning to go from San Francisco to San Mateo, increasing the need for additional housing options with accessible price points. With its central location in San Mateo, Bay Meadows Apartments will offer residents much-needed access to affordable living, as well as convenient access to local transit and other amenities.

“We’re proud to have Walker & Dunlop as a financial partner in this transit-oriented development,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. “The innovative forward commitment helps us mitigate interest rate risk and maximize scarce resources to deliver affordable housing to the community.”

Mr. Naish commented, “Strengthening communities by providing high-quality, affordable homes is a value that we share with BRIDGE Housing. We are pleased to serve as a catalyst in bringing affordable options to the San Francisco-Oakland-Hayward MSA and are keen to see the end result.”

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