HFF Arranges $80 Million Refinance for Whalers Village

Leilani's Restaurant is part of the Whalers Village shopping center located on Kaanapali Beach, Maui. File photo.

By Sonia Isotov

Holiday Fenoglio Fowler, LP (HFF) announced yesterday that it has arranged an $80 million refinancing deal for the Whalers Village, the 110,836-square-foot shopping center located in Kaanapali, Maui.

HFF worked exclusively on behalf of WV Sub, LLC, an entity controlled by General Growth Properties (GGP), to secure the 10-year, fixed-rate loan through Goldman Sachs & Co. The securitized loan will refinance an existing loan on the center.

Originally built in 1970, the Whalers Village has been renovated and expanded over the years and is currently 98 percent leased to 70 tenants. Notable tenants include Louis Vuitton, Tommy Bahama, Coach, Pacific Sunwear, Hula Grill, Leilani’s Restaurant and Cane & Taro Restaurant. Whalers Village is also home to the Whalers Village Museum and Theater, and the mall’s center stage that hosts more than 350 performances a year.

According to HFF, Whalers Village ranks first in market share in Maui capturing approximately one of every four retail dollars spent on Maui.

GGP has been in the shopping center business for more than 50 years. One of the nation’s largest real estate investment trusts, GGP owns, operates and manages shopping malls in 43 states. GGP has ownership and management interests in more than 180 regional shopping malls totaling approximately 200 million square feet of retail space. Headquartered in Chicago, Illinois, GGP has approximately 3,200 employees nationwide. GGP is traded on the New York Stock Exchange under the symbol GGP.