Leasehold mortgage construction financing and joint venture equity for a mixed-use, open-air, Macy’s-anchored regional mall development in West Oah‘u — Photo by RobertDouglas

Cushman & Wakefield, Inc. and RobertDouglas, serving as co-advisors to an affiliate of Tampa-based DeBartolo Development, are pleased to announce the capitalization of the first phase of Ka Makana Ali'i, a $500 million regional mall development project located in Kapolei, Hawai'i on the island of Oah'u, approximately 25 miles west of downtown Honolulu. Joint venture equity was provided by OPSEU Pension Trust and the $167 million construction loan for Phase I of the project was provided by The Union Labor Life Insurance Company ("ULLICO") on behalf of its separate accounts.

The 67-acre, two-phased, 1.4 million–square-foot mixed-use open air, Macy's-anchored project, branded "Ka Makana Ali'i", is expected to serve as the community hub of West O'ahu. Once completed, Ka Makana Ali'i will be the third-largest shopping center and the first new regional center built in all of Hawai'i in nearly 40 years.

Construction has begun on Phase I of the project, which will consist of a 750,000 square-foot regional center anchored by the first Macy's department store in West Oah'u and featuring more than 150 shops and restaurants, an 8-screen cinema, and a 175-key Hampton Inn and Suites hotel.

"West Oah'u is the fastest-growing sub-market on the island of Oah'u and DeBartolo's exciting Ka Makana Ali'i mall will quickly become the retail heart of this vibrant area. We are delighted to have been able to help their team structure and complete this complex capital transaction and to have contributed to delivering on their vision for the project," said Douglas Hercher, principal and managing director of RobertDouglas. Alex Hernandez, managing director of Cushman & Wakefield added, "It is rare for investors and developers to be able to participate in developments with the region-defining potential of the Ka Makana Ali'i site. OPSEU Pension Trust and ULLICO recognized the incredible potential of this project and seized the opportunity to partner with DeBartolo."

About Cushman & Wakefield

Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 248 offices in 58 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management. To learn more, click HERE.

About RobertDouglas

RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort, mixed-use and gaming properties throughout North America. Founded by two of the real estate industry's pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed property underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact [email protected] or go to www.robert-douglas.com.

Douglas Hercher
Managing Director & Principal
+1 (212) 993-7424