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March 26, 2025
Hunt Capital Partners recently closed on $15.4 million in low-income housing tax credit (LIHTC) financing for Hale O Pi‘ikea, the third and final phase of an affordable development in Kīhei in southwest Maui.
Hale O Pi‘ikea is a project of ‘Ikenākea Development, the Hawaiian Community Development Board and Mark Development.
Phase III adds 35 affordable housing units. The fully completed Hale O Pi‘ikea will be home to
223 low-income families and seniors – earning a range of incomes between 30% to 60% of the area median income – living in a mix of one-, two- and three-bedroom rentals. Hale O Pi‘ikea Phase III will offer residents rent-restricted housing, enabling families to save up to 75% in rent compared to local market-rate options.
“Hunt Capital Partners is proud to collaborate with ‘Ikenākea Development, Hawaiian Community Development Board and Mark Development to bring much-needed affordable housing to residents in Maui,” said John Lee, Hunt Capital Partners’ funds management managing director. “By reducing housing costs, families can allocate resources to other vital needs that foster improved health outcomes like healthcare, education and food security.”
‘Ikenākea Development is the Hale O Pi‘ikea managing general partner, HCDB is co-managing general partner, and Mark Development, Inc. is the administrative general partner and property management agent. Hunt affiliate, Moss Construction, is the general contractor and Design Partners Incorporated is the architect
of record.
In addition to Hunt’s syndication of $15.4 million in federal and state LIHTC, Hale O Pi‘ikea is being financed by $5.2 million in Hawai‘i State LIHTC. Bank of Hawai‘i provided $12.5 million in construction financing and $3.3 million in permanent financing, while the Hawai‘i Housing Finance and Development Corporation provided $6.8 million in soft financing through its Rental Housing Revolving Fund. The County of Maui provided $3.5 million in soft financing sourced from a HOME loan, an American Rescue Plan loan and a Housing Trust Fund loan. The Hawaiian Community Development Board provided $1.9 million in soft financing through its Affordable Housing Fund grant.
