Investment Categories

The leaders of BlackSand Capital generate attractive risk-adjusted returns through strategic real estate ventures, and are committed to long-term investments that improve the quality of life in Hawaii. Target investment categories include:

Direct Real Estate

Retail, office, industrial, multifamily, hospitality, mixed-use, and residential assets in desirable locations throughout Hawaii.

Distressed Debt

Partnering with banks on troubled assets involving performing and non-performing commercial loans, B-notes, and mezzanine debt.

Real Estate Development

Ground-up development and redevelopment opportunities in high-demand areas through partnerships with The MacNaughton Group and Kobayashi Group, in addition to joint ventures with experienced local development companies.

Land Acquisition

Residential, commercial, and resort lands.

Real Estate Companies

Provide capital infusions into operating companies that own, operate, or control real estate assets.

Illustrative Investments

For its initial fund, BlackSand raised $150 million in discretionary capital for a wide array of investments, such as:

Park Lane Ala Moana

BlackSand has invested in Park Lane Ala Moana, an ultra-luxury residential condominium development located at Ala Moana Center, with views overlooking Ala Moana Beach Park and the Pacific Ocean.  The project is being developed in partnership by General Growth Properties, Inc., The MacNaughton Group and Kobayashi Group.

Ohana Waikiki West Hotel

 

BlackSand has partnered to acquire the Ohana Waikiki West hotel and plans to make significant capital improvements that, upon completion, will transform the hotel into an upscale 620-room Hilton Garden Inn.  The completely renovated hotel will also be located directly across the street from Hawaii's first planned Saks Fifth Avenue department store at a newly redeveloped International Market Place.

Industrial Warehouse

 

BlackSand has provided high-yield mezzanine financing in support of the acquisition of Class A industrial warehouse space by an experienced institutional buyer.  The warehouse space is centrally located and provides efficient access to the Honolulu International Airport, Honolulu's Central Business District and other major distribution hubs on Oahu.

Pearlridge Shopping Center - Uptown II

Pearlridge Uptown II is a 9.3-acre portion of Pearlridge Center, the largest enclosed mall on the island of Oahu in Hawaii. Anchored by TJ Maxx and Hawaii Pacific Health, Uptown II consists of approximately 150,000 square feet of retail and medical office space. The center is centrally located in the Aiea / Pearl Harbor submarket with a population of 345,000 in the surrounding area with an average household income of $82,000.

Maile Sky Court Hotel

Maile Sky Court is a 600-room, limited-service hotel located in the Waikiki district of Honolulu, Hawaii. This 43-story hotel enjoys spectacular mountain, ocean, and city views from all sides of the hotel.

ONE Ala Moana Residential Tower

BlackSand has invested in the $330 million luxury residential tower at Ala Moana Center, being developed in partnership by The MacNaughton Group, Kobayashi Group, and The Howard Hughes Corporation. The project is located at Ala Moana Center, one of the world’s most successful shopping malls, and features ocean and mountain views in residential units priced up to $17 million.

King’s Village Shopping Center

King's Village Shopping Center is located in the heart of Waikiki, steps away from the world famous Waikiki Beach. Adjacent to the Hyatt Regency Waikiki and the Sheraton Princess Kaiulani in one of the most highly trafficked corridors in Waikiki, King’s Village enjoys the exposure of over 10,000 cars and 25,000 pedestrians on a daily basis.

Waihonua at Kewalo Residential Tower

BlackSand has made a preferred equity investment in a $250 million upscale residential tower in partnership with a local development company. The project features 341 units with mountain and ocean views, located in a mixed-use walkable community in urban Honolulu.

Waikiki Hotel

BlackSand originated and participated in a structured senior credit facility used to acquire and renovate a 400-room upscale hotel in Waikiki. The ownership group made significant capital improvements to upgrade the asset from a 2-star to a 3-star hotel, including a full refurbishment of guest suites, the lobby, and common area amenities.