Upcoming Closings and Conversion to Punahou Hale Condominium
Aloha Oahuan Tower Shareholder(s):
As you all know, after the devastating fire in 2018 and the reconstruction/renovation effort that followed, we, The Hutton Group, restarted the conversion of the Oahuan Tower to a condominium. The process has been long and difficult with many hurdles and delays posed by governmental bodies, financial institutions and, of course, the pandemic. Every time we thought we were close to completion, there was yet another 6-month delay. But we persisted and are now proud to report that we are ready to proceed with the final steps that will allow us to distribute condominium deeds for your units in the next several weeks.
You will recall that we had informed you in 2019 that we had to approach the conversion a bit differently because the loan we expected to be arranged was no longer available. Hutton agreed to defer our fees on the units owned by shareholders until the funds from the sale of the 16 surrendered units first paid off the loans and then the fees for the conversion. The alternative would have been to charge every unit owner a substantial fee when we delivered their deed.
In the next few weeks, the following events are scheduled:
- The loan with Bank of Hawaii will be refinanced with a new loan from Hawaii National Bank with an inventory loan that will provide sufficient funds, time and opportunity to prepare and sell the 16 surrender units in the open market as condominiums.
- There are at least two (2) vacant units that will be listed immediately since Hutton has successfully secured the Developer’s Public Report (DPR) approved by the Hawaii Department of Commerce and Consumer Affairs.
- As one of the remaining 39 unit owners, you will receive a closing package that will provide a copy of your proposed deed and other closing documents that will require signatures. You will receive detailed instructions at that time and access to our team in case you have any questions. You can find copies of the governing documents for the new condominium association for the building that will be called the Punahou Hale Condominiums, the first annual budget and the DPR under the "Document Review" section of this webpage.
- If you currently have a co-op loan with the Bank of Hawaii or some other lender, you may need to refinance if they will not or cannot convert your loan to a condominium mortgage. In that case, we have arranged a primary lender, HomeBridge Financial (“HomeBridge”), for those who need to refinance or wish to take out a condominium mortgage as part of the conversion to condominium ownership. HomeBridge has been briefed on the conversion and is familiar with Hutton’s conversion activity. HomeBridge has already received all the new condo documents for Punahou Hale Condominium and has already filed for project approval with Fannie Mae so all they will need is your personal info and application. Please contact your special processor, Tatiana Cunha as soon as possible by email at Tatiana.Cunha@homebridge.com or calling 808-206-9115 for more information and to apply for your loan. Please note that HomeBridge is one option, but you can pursue financing with the lender of your choice provided that they can complete the financing within a reasonable time.
In the meantime, should you have any questions, please do not hesitate to contact our office at 1-800-609-5144, or you may email us at firstname.lastname@example.org.
Again, congratulations to the entire community for finally reaching the long-sought goal of condominium ownership!