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Deal off, says hui angling to buy city properties

A group's purchase of rental complexes falls through when it fails to raise the cash

By Gordon Y.K. Pang

POSTED: 01:30 a.m. HST, Jan 24, 2014

~~<p>A deal for the city to sell the long-term leases on 12 rental housing complexes for $142 million to a private group was terminated by the prospective buyers, city officials announced Thursday night.</p>
<p>William Rice, an official with the managing partner of Hono&shy;lulu Affordable Housing Partners LLC, said in a letter to city Budget Director Nelson Koya&shy;nagi that the group would not be able to come up with $35 million demanded by the city by March 31, the deadline for closing specified in an August 2012 sale agreement.</p>
~~

A deal for the city to sell the long-term leases on 12 rental housing complexes for $142 million to a private group was terminated by the prospective buyers, city officials announced Thursday night.

William Rice, an official with the managing partner of Hono­lulu Affordable Housing Partners LLC, said in a letter to city Budget Director Nelson Koya­nagi that the group would not be able to come up with $35 million demanded by the city by March 31, the deadline for closing specified in an August 2012 sale agreement. Login for more...



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