HONOLULU (Sept. 28, 2026) — Cody Field and Jason Szuminski of Northmarq’s San Francisco Debt + Equity team arranged the $51.14 million refinancing of Kalakaua Gardens, a 167-unit senior living community located at 1723 Kalakaua Ave. in Honolulu, Hawaii.
Northmarq arranged the 35-year fixed rate HUD loan on behalf of HPL Development and in partnership with Josh VanderPlaats and Steven Munn from VIUM Capital. The financing included a rate buydown that supported a larger loan amount and enhanced proceeds to the borrower.
“VIUM was a strong partner in delivering a highly customized solution,” said Field. “The combination of HUD leverage and the rate buydown created an execution that stood out in the current lending market.”
The transaction reflects continued lender demand for well-positioned senior housing assets supported by experienced ownership and strong operating fundamentals.
“Northmarq demonstrated strength in the market and unwavering approach to the transaction as we navigated a challenging lending environment,” said Louis Leong, a partner at HPL Development. “We are extremely happy with the execution from both Northmarq and the entire team at VIUM.”
Built in 2016, Kalakaua Gardens is a 17-story community offering a range of independent living, assisted living, memory care, and comprehensive rehabilitation services to residents and clients in Honolulu.
Located in Honolulu’s Waikiki district, Kalakaua Gardens benefits from proximity to major healthcare providers, retail destinations and recreational amenities. The property’s central location provides residents with convenient access to services while remaining near one of Hawaii’s most established urban neighborhoods.
Residents benefit from a comprehensive continuum of care, including a 24-hour healthcare center, 24-hour skilled nursing care, in-house medication management, and transportation to appointments. Amenities include a rehabilitation gym, cinema and covered parking.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
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