POSTED: 8:08 p.m. HST, Sep 5, 2012
The University of Hawaii Board of Regents approved approved a short-term cash advance for UH-West O‘ahu construction on Wednesday as a bridge until an $18 million loan is delivered.
The advance will come from the university’s bond system for a six-month term, the university said.
The $18 million loan from a Hawaii limited partnership associated with CanAm Enterprises LLC is currently in escrow and was expected to be released this summer. The loan is now expected to be released in October, UH said.
The funds for the loan are currently in escrow and are awaiting the federal government’s approval under an immigrant investor program, UH said.
This loan is the final package of financing for the $173 million construction budget for the West Oahu campus.