Arixa Capital Lends $28M on Hawaii Build-for-Sale Luxury Homes

Aloah!

West Point Investment Corporation has secured $27.6 million of construction financing to build a single-family home development within theMauna Kea Resort on Hawaii’s Big Island. 

Arixa Capital provided the loan for West Point’s Hapuna Estates project, consisting of seven for-sale luxury single-family homes at the historic resort developed by Laurance Rockefeller in 1964, Commercial Observer can first report,

Berkadia arranged the transaction with a team consisting of Louis Friedel, Keith Rosso and Jeremy Kanter.  The deal, which closed April 30, was first announced by Berkadia on May 6 without the lender information. 

“Financing was highly competitive for this project given the limited number of custom home lots remaining at the Mauna Kea Resort and the strong velocity of sales we’ve seen over the past 12 months,” Friedel said in a statement. “Hapuna Estates represents one of the last opportunities to develop luxury single-family product within one of Hawaii’s most established and tightly held resort communities.”

Friedel added that the project is drawing strong demand from domestic and international buyers which contrived to “significant lender interest to enable “attractive financing “ with the loan. The development, which will feature homes ranging from 0.39 acres to 0.75 acres, is slated for delivery in 2028 after construction begins in early 2027.

Arixa Capital and West Point Investment Corporation did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.