Google Funds Kuhio Park Terrace With $47 Million for Rehabilitation of 555 Units

Media Release:

AEGON USA Realty Advisors, LLC, a commercial real estate investment and management arm of AEGON and manager of a Low-Income Housing Tax Credit fund (Garnet LIHTC Fund XXV, LLC, “Fund”) for Google Inc. (“Google”) has added an additional property to the Fund with a new $47 million Google investment. The new property, the Towers at Kuhio Park Terrace (“KPT”) in Honolulu, Hawaii is a public housing community composed of two, sixteen story high rise towers. The Fund will provide a major source of funding for the rehabilitation of 555 units for families.

Kuhio Park Terrace (Picture from the Hawaii House Blog)

The first tranche of the Fund closed earlier this year and included a $28 million investment in two low-income housing developments in Minneapolis, MN (Riverside Plaza Apartments) and Sante Fe, NM (Villa Alegre Senior Apartments).

Brent Callinicos, Google Vice President and Treasurer said, “We’re proud to once again partner with AEGON to help people afford quality homes. This initiative reflects our continued commitment to invest in areas that not only make good financial sense but also benefit local communities”

According to Christoph Gabler, Senior Vice-President for AEGON USA Realty Advisors, LLC, the Towers at KPT are the first phase of a 1,025 community being redeveloped by the Michaels Development Company in partnership with Vitus Group and the Hawaii Public Housing Authority. The renovation will include living units sized to match resident needs and reconfigured apartments for handicap accessibility. With all new windows, doors, plumbing, appliances, and electrical fixtures the rehabilitation will improve the environmental sustainability of the units and increase energy efficiency leading to improved resident health and lower utility costs. KPT is also adjacent to the headquarters for Parents and Children Together (PACT), a charitable organization providing services state-wide including early childhood education, child abuse and neglect prevention, domestic violence prevention and treatment, etc.

About AEGON USA Realty Advisors, LLC

AEGON USA Realty Advisors, LLC, based in Cedar Rapids, Iowa, a commercial real estate investment and management arm of AEGON, has been providing real estate investment services for over 25 years. The company is part of The Netherlands-based AEGON N.V., an international life insurance, pension and asset management company with businesses in over twenty markets in the Americas, Europe and Asia. For more information, visit www.aegonrealty.com.

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