CBRE Secures $24 Million Construction Financing for Kula Makai III

CBRE has successfully negotiated $24 million in horizontal infrastructure financing for developing single-family lots at Kula Makai, a luxury residential project within the exclusive Kukuiʻula community on the south shore of Kaua’i at Poipu.

Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo, Jim Korinek, Anna Britt and Amber Coleman, with CBRE's Capital Markets Debt and Structured Finance team, secured the low leverage, fixed-rate, full-term, interest-only construction loan on behalf of the developer, Brue Baukol Capital Partners.

"We are pleased to have secured a loan with a correspondent life insurance company at an attractive 8.26% interest rate, which will enable our client to improve lots for prospective buyers in anticipation of vertical construction," said Francis, vice chairman at CBRE. "The loan includes a flexible release structure that will allow for individual lot sales to end-buyers as horizontal construction is completed, significantly boosting the project's value. Congratulations to both the client and lender on a flawless execution."

The community features 24 lots within the Kukui’ula master-planned resort community. Located just a few miles south of Old Koloa Town and 14 miles from Lihue International Airport, the lots comprise a total of 19.13 acres.