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Developer gets $120M loan for Kakaako high rise

By Associated Press

LAST UPDATED: 3:39 a.m. HST, Nov 12, 2013

A developer planning a high-rise project near downtown Honolulu says it has secured a $120 million construction loan and plans to start building this month.

Developer Oliver McMillan said today it secured the loan for its 3.5-acre Symphony Honolulu project from lenders including First Hawaiian Bank. Three other lenders are also involved.

The project is in Kakaako, east of downtown Honolulu. Plans call for a tall, glass skyscraper with 288 market-priced condominiums and 100 lower-priced units for buyers who meet certain conditions set by the Hawaii Community Development Authority.

Officials say the project will generate about 400 construction jobs for the next two years and about 100 permanent jobs.

The project is expected to be completed in 2015.

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