Trump Waikiki Luxury Condo Development Receives Mortgage From Hypo
Trump Waikiki Hotel Condo development by Donald J. Trump and Irongate Capital Partners from Los Angeles real estate has received a $442 million mortgage loan from Hypo Real Estate Capital Corp. The luxury high rise project is known as Trump Waikiki or Trump International Hotel And Tower at Waikiki Beach Walk.
Outrigger Enterprises is developing the $1 billion Waikiki Beach Walk development. Outrigger sold the development rights to Iron Gate in 2005. Trump stepped into the project mid 2006.
Additional equity investors in the Waikiki, HI condominiums include US holding company of Solomon Lew of Melbourne, Australia, D.E. Shaw & Co., a global investment and technology development firm, Dune Real Estate Funds, a real estate private equity fund based in New York and Slam Investments Inc.
Trump Waikiki luxury condos in Hawaii will be the first time Hypo has given a mortgage loan on a project for the equity sponsors or Irongate, but it has worked with the Trump organization before. Hypo mortgaged 45% of the $537-million Trump Towers Las Vegas loan in September 2006, a 1,282-unit Las Vegas luxury condo hotel.
The Trump Waikiki luxury tower expected completion date is 2009. Luxury homes are expected to range from 500 - 3,000 square feet. Future amenities for the 775,000 square foot luxury tower includes separate lobbies for residents and hotel guests, wine cellar, a library, private fitness center, outdoor swimming pool and spa.
The Hawaiian real estate project is the first new five-star hotel in Waikiki in 25 years. The luxury condo hotel will contain 6,500 square feet of retail space to include high-end restaurant.
All 464 condos worth $700 million were pre sold earlier this year within eight hours. Hypo Real Estate says that the development will be extremely successful.
Irongate and Trump have partnered for a site in Mexico called Trump Baja. Last year they announced a 526 suite luxury condo hotel resort called Trump Ocean Resort Baja Mexico. The resort is located south of San Diego, CA and will be the first project along the peninsula to combine luxury resort services and amenities and with real estate ownership.
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Trump Waikiki luxury condo development in Hawaii receives mortgage loan from Hypo.