The developer of a planned luxury midrise residential development in Hawaii Kai announced Monday it has secured $100.7 million in financing.

The 269-unit project known as 7000 Hawaii Kai was repeatedly stalled on a site representing one of the few remaining opportunities to build homes in the East Oahu neighborhood.

Local development and consulting firm Avalon Group planned to break ground in October after scrapping a prior plan for 242 condominiums.

The project on a 3.8-acre site at the intersection of Keahole Street and Hawaii Kai Drive overlooking the Hawaii Kai Marina is slated for completion in summer 2016.