Honolulu, Hawaii
The Oahuan Tower
56-unit Honolulu conversion
Explore the projectRequest your free feasibility study- Location
- Honolulu, Hawaii
- Units
- 56
- Year converted
- 2025
- Underlying mortgage
- Yes - defaulted bank loan from land purchase
The challenge
After purchasing the land at a premium, the building was unable to retire the loan due to default by several of the owners that surrendered their interest and abandoned their units. The loan was a default risk when Hutton was called in to create and execute a clear plan.
The building needed to be refinanced but the ownership was clouded with prior closings and the lack on an exit strategy. No bank was willing to offer a new inventory loan.
Ownership equity was negative when Hutton was brought in to restructure and sell units for a profit.
The outcome
Hutton worked with local building officials, county clerk, the lender and title companies to complete the physical and ownership conversion to individual condominiums. Hutton delivered individual title-insured deeds for each unit.
Hutton negotiated a curative new loan with another lender. Renovated surrendered units are now being sold at 80% above previous values and paying down the new loan.
Owners now have about $10 million in equity.
Historical project figures
Conversion completed in 2025.
These historical figures describe this project. They are not current appraisals or a prediction for another building.
- Funding arranged
- $10,000,000
- Recorded co-op value per unit
- $165,000
- Recorded condominium value per unit
- $400,000
In Honolulu
The Oahuan Tower1710 Makiki St, Honolulu, HawaiiOpen the building in Google Maps (opens a new tab)
What would conversion mean for your building?
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