Introducing Hālawa View II: A Solution to Honolulu’s Affordable Housing Crisis

Introducing Hālawa View II: A Solution to Honolulu’s Affordable Housing Crisis

HONOLULU, Hawai‘i, July 5, 2023 – In partnership with Pacific Development Group (PDG) and Hunt Development Group (HDG), Hunt Capital Partners (HCP) announced the closing of $68.9 million in Federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for a high-rise development overlooking Pearl Harbor. This project, known as Hālawa View II, will add 302 new affordable homes to the existing community located on the island of O’ahu. 

Hālawa View II will provide additional housing options for low-income families earning up to 30, 40, 50, and 60 percent of the area median income. The new homes will complement the existing Phase I of Hālawa View, which offers 121 units and includes a 14-story high-rise building and two, three-story buildings. Phase I was originally built in 1972 and renovated in 2012 with LIHTCs syndicated by HCP. 

Hālawa View II is the result of a successful collaboration between the State of Hawai‘i, the City and County of Honolulu, PDG, HDG, and HCP. This initiative aims to address the urgent need for more affordable housing in Honolulu, where housing costs are 214% higher than the national average according to a recent PayScale report.

This project’s 302 units will include 36 studio, 114 one-, 138 two- and 14 four-bedroom units in an 18-story high-rise atop a 7-story podium parking garage with 454 parking stalls. Notably, five units will be designated for chronically homeless individuals or those in public support services with referrals provided by U.S. Vets; additional service coordination will be available to them by the referral agency at no cost.

“We’re thrilled to help Pacific Development Group bring to fruition its vision to efficiently develop a portion of the underutilized parking on the Hālawa View site to help address the need for affordable housing in Honolulu,” said Dana Mayo, executive managing director of HCP. “Honolulu has such a dire need for affordable housing and has severe traffic congestion. This development will help alleviate both issues by providing residents with affordable rents and walking access to Honolulu’s new rail line, enabling residents to reach many neighborhoods around the city with ease.”

Residents at Hālawa View II will benefit from a range of amenities, such as a community room, exercise facility, playground, and central laundry facilities. Security features will include video surveillance and perimeter fencing. The building will also incorporate energy-efficient fixtures in each unit, in addition to electric vehicle charging stations, low-flow plumbing, and low-water landscaping. 

The prime location of the 3.11-acre Hālawa View II site between Aloha Stadium and Arizona Memorial offers convenient access to Honolulu’s new rail line, alleviating traffic congestion and enabling residents to explore different neighborhoods with ease. Additionally, the outdoor plaza, overlooking Hālawa Stream, will provide barbecue and picnic areas, as well as stunning displays of public art.

“This closing represents an initial vision and years of planning and collaboration with the community and stakeholders,” said Joe Michael, president of PDG. “We hope this project will be a catalyst to transform the area into a vibrant community near Arizona Memorial and Aloha Stadium that aligns with the Hālawa Area TOD Plan developed by the City and County of Honolulu.”

The long-awaited Hālawa View II project is a collaboration involving Pacific Development Group as the project’s developer and administrative general partner; Hawaiian Community Development Board as managing general partner; Hawai‘i Assisted Housing, Inc. as special managing general partner; Hunt Development Group as special limited partner; and Mark Development, Inc. as special general partner and property manager. Nordic PCL will serve as the general contractor; AHL as the architect and Group Pacific as construction manager. 

The total development cost for Hālawa View II is $168.1 million. Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund, Hunt Capital Partners Tax Credit Fund 40, with JPMorgan Chase and will place the State LIHTCs through various funds with local investors. Construction financing included an $80.2 million tax-exempt loan and a $12.3 million taxable loan provided by the Bank of Hawai‘i with participation from American Savings Bank and Central Pacific Bank. Permanent tax-exempt financing will be provided by Bank of Hawai‘i in the amount of $24.6 million. Additional soft financing included a $42.3 million Rental Housing Revolving Fund loan from Hawai‘i Housing Finance and Development Corporation and a $5 million loan from the City and County of Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawai‘i Assisted Housing.

“After working to bring this project to fruition for so many years, we are thrilled to be closer to putting more local families into such quality homes,” said Sharon Gi, vice president of HDG, a division of Hunt Companies. “Given the longstanding shortage of affordable housing in Hawai‘i, there is an overwhelming need for this type of rental project, especially in such a centrally located part of the island.”

This groundbreaking project is set to transform the area into a thriving community, aligning with the Hālawa Area TOD Plan developed by the City and County of Honolulu. The completion date is scheduled for the summer of 2025, bringing hope to local families in need of quality homes.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit, or for Hunt, please visit

About Pacific Development Group

Pacific Development Group, Inc. (PDG) is a privately held California firm that was created in 2009 as a rebranding of Professional Apartment Management, Inc. (PAM). PDG and PAM have been family owned and operated since PAM was founded by J.D. Michael in 1969. The company is now under third-generation ownership and has created over 3,800 affordable housing units in Hawai’i and across the Pacific Western United States. For more information, please visit 

About Hunt Development Group Hawai‘i 

With over 30 years of service in Hawai‘i, Hunt Development Group is recognized for its innovative use of underutilized government properties, its commitment to creating premier master-planned communities, a dedication to sound environmental, social and governance standards, and respect for the cultural and geographical riches of the Hawaiian Islands. Locally, Hunt is responsible for the development, revitalization and asset management of more than 500 entitled acres and four million square-feet of industrial, commercial and yard space. Current projects include the University of Hawai‘i Residences for Innovative Student Entrepreneurs (RISE) in Mānoa; the Daniel Kahikina Akaka Department of Veterans Affairs Community-Based Outpatient Clinic in Kalaeloa; and ‘Āhuimanu, a neighborhood retail center on the North Shore of Kaua‘i.



Kevin Friedman

Maize Marketing 

Cris Pinedo 

Hunt Capital Partners

Carolyn Baker 

Hunt Companies, Inc.

Transaction Keeps 72-Unit Waiʻanae Housing Complex Affordable For 75 More Years

Transaction Keeps 72-Unit Waiʻanae Housing Complex Affordable For 75 More Years

 HONOLULU, HI — The Hawaiʻi Housing Finance and Development Corporation (HHFDC) announced today that rental units at the Kūlia I Ka Nuʻu housing complex in Waiʻanae will remain affordable through 2098 under an agreement reached with a private management company. 

The agreement, which began on June 30, calls for Solar Farm View Estates LLC (SFVE) to undertake substantial repairs to the complex and operate it for the next 75 years. The Board of Directors of HHFDC, which retains the property’s fee-simple interest, approved a $4.95 million, low-interest, 10-year loan that allows SFVE to facilitate the repairs. 

The Kūlia property consists of 72 studio and two-bedroom rental housing units spread across six residential structures on a 3.74-acre campus located in Wai‘anae’s Uluwehi subdivision. The complex also includes a laundry/maintenance building, a building that at one time provided shelter housing, a two-story resource center with approximately 12,000 square feet of floor space, and a vacant and developable 1.27-acre parcel. 

Under the terms of the leasehold sale, 71 of the 72 units will be available to households earning up to 60% of the area median income, which is how HHFDC has been operating the property since it took possession in 2013. 

In addition to keeping rents affordable for 75 years, SFVE agreed to undertake a substantial repair program that includes the installation of a photovoltaic energy system; the replacement of all exterior stairwells; and repairs to the roof, electrical, and water heating systems. SFVE will also convert eight studio and two-bedroom units into three-bedroom units in order to better meet demand from Leeward Coast families. 

SFVE is a private affordable housing owner-operator formed by local firms Mark Development Inc. and Skyler Pacific LLC, and California-based Pacific Development Group Inc. 

“We are pleased that we are able to keep the units at Kūlia I Ka Nuʻu affordable as a result of this lease agreement,” said Dean Minakami, HHFDC interim executive director. “The team that we are partnering with on this property is led by veteran companies and individuals with proven track records as housing developers and property managers in the Hawaiʻi market.” 

“Mark Development and our investment partners are grateful to Governor Green and HHFDC for this opportunity to own, rehabilitate and manage this important, westside affordable housing inventory,” said Craig Watase, Mark Development Inc. president. 

The SFVE loan is being provided through the Dwelling Unit Revolving Fund, which was established by the Hawaiʻi State Legislature to fund housing development programs and regional state infrastructure programs. Among these programs is a permanent loan program for housing projects. 

The sale of Kūlia is part of a program initiated by HHFDC in 2013 to dispose of its owned-and-operated affordable rental housing portfolio, in part, to free up existing personnel and financial resources in order to focus on its core business of financing and providing development assistance to new affordable housing projects. 

Approximately 1,400 units in eight projects across the state have been sold in leasehold to private interests as part of the program, with conditions to renovate the properties and keep them affordable for the long term. The Kūlia sale leaves one project remaining in the portfolio — the 32-unit Nani ʻO Puna project in Pāhoa, Hawai‘i which is under agreement to be sold later this year. 

Media Contact: Gordon Pang, or 808-341-4069