Kalakaua Gardens is a Honolulu-based senior living community offering independent living, assisted living, memory care, and skilled nursing and rehabilitation services in a premier urban setting.
VIUM Capital partnered with Northmarq to secure $51.14 million in refinancing for Kalakaua Gardens, a 17-story senior living community in Honolulu, Hawaii.
The community offers a continuum of care that includes independent living, assisted living, memory care and skilled nursing and rehabilitation services, all within one urban campus.
Northmarq’s Cody Field and Jason Szuminski arranged the 35-year, fixed-rate HUD loan on behalf of HPL Development, working alongside VIUM’s Josh VanderPlaats and Steven Munn.
The transaction marked several milestones: VIUM’s first deal in Hawaii, the borrower’s first HUD financing and VIUM’s first financing to incorporate an interest-rate buydown. The structure helped increase loan proceeds while securing a below-market, long-term interest rate. The refinancing replaced high-cost, short-term debt with long-term, non-recourse financing, providing greater financial stability and flexibility for the borrower to focus on resident care.
Other Case Studies
Ohio SNF Portfolio Acquisition
In 2022, VIUM Capital provided a $41MM non-recourse bridge-to-HUD loan for three Cleveland SNFs, launching a partnership that progressed to HUD takeout and additional bridge closings.
Texas SNF Acquisition
VIUM Capital closed a 2021 bridge-to-HUD acquisition using an A/B note structure (80% LTC A-piece), positioning the sponsor for a 100% HUD takeout.
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