HFF arranges $80 million refinancing for landmark Hawaii open-air shopping and entertainment center

LOS ANGELES, CA – HFF announced today that it has arranged an $80 million refinancing for Whalers Village (top left photo), a 110,836-square-foot, open-air shopping and entertainment center located along Kaanapali Beach (middle right photo) in West Maui, Hawaii.

HFF worked exclusively on behalf of WV Sub, LLC, an entity controlled by General Growth Properties, to secure the 10-year, fixed-rate loan through Goldman Sachs & Co.  The securitized loan will refinance an existing loan on the center.

Whalers Village is located at 2435 Kaanapali Parkway in western Maui within walking distance to approximately 5,000 hotel, timeshare and condominium units along Kaanapali Beach. 

Originally built in 1970, the property has been renovated and expanded over the years and is currently 98 percent leased to 70 tenants. 

 Notable tenants include Louis Vuitton, Tommy Bahama, Coach, Pacific Sunwear, Hula Grill, Leilani’s Restaurant and Cane & Taro Restaurant. 

Whalers Village is also home to the Whalers Village Museum and Theater, and the mall’s center stage that hosts more than 350 performances a year.

According to HFF, Whalers Village ranks first in market share in Maui capturing approximately one of every four retail dollars spent on Maui.  It is a premier asset with a world-class location along one of Maui’s famed beaches.

The HFF team representing the borrower included senior managing director Paul Brindley (lower left photo), director John Crump and executive managing director Mark Gibson.

GGP has been in the shopping center business for more than 50 years. One of the nation's largest real estate investment trusts, GGP owns, operates and manages shopping malls in 43 states.

GGP has ownership and management interests in more than 180 regional shopping malls totaling approximately 200 million square feet of retail space. Headquartered in Chicago, Illinois, GGP has approximately 3,200 employees nationwide. GGP is traded on the New York Stock Exchange under the symbol GGP. 

Contacts:    

Paul Brindley, HFF Senior Managing Director, (310) 407-2100,                                        pbrindley@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com