Lofts East at Waikoloa

Executive Summary

Waikoloa Plaza, LLC owns a 1.215-acre, fee simple parcel with newly constructed loft-style apartments (the “Property”) located in the upscale residential community of Waikoloa Village, Hawaii. Lofts East at Waikoloa will be fully developed by 4/1/23 and is currently 100% leased to national corporate tenants including Mauna Lani Auberge Resort and the historic Rosewood Kona Village Resort. The Property consists of (11) three-story walk-up buildings comprising thirty-three (33) two-bedroom/one-bath units at 692 square feet each and is adjacent to Foodland-anchored Waikoloa Plaza and the future Holiday Inn Express® hotel. The Property is zoned to allow short-term vacation rentals (STR) which combined with corporate housing will benefit the Borrower with higher yields than traditional long term market leases.