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Alexander & Baldwin, Inc. (NYSE: ALEX) announced that as of today, its joint venture, Kewalo Development LLC, has pre-sold 274 units at its 341-unit Waihonua high-rise development located in urban Honolulu, near Ala Moana Center. Of those contracts, 259 are binding, well exceeding the presales requirements for drawing on the project’s $120 million construction loan. Financing is provided by a consortium of lenders led by First Hawaiian Bank and composed of Wells Fargo Bank, N.A., Bank of Hawaii and Central Pacific Bank. Construction of the $200+ million project has commenced and delivery of units continues to be anticipated in the first half of 2015. The general contractor for the project is Hawaiian Dredging.
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