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Maui Land & Pineapple Co. Inc. announced it has reached a financing agreement to complete construction of its joint-venture project, The Ritz-Carlton Club and Residences at Kapalua Bay in Hawaii. The project's previous lead lender, Lehman Brothers Holdings Inc., discontinued its funding of the project after filing for bankruptcy last September.
Under the new agreement, Central Pacific Bank replaces Lehman as the administrative agent under the loan. Lehman has agreed to provide $35 million of the $120 million in completion financing, with other co-lenders -- including Deutsche Hypothekenbank and Landesbank Baden-Wurttemberg and Marriott International Inc. -- providing the balance. The Ritz-Carlton Club and Residences at Kapalua Bay will offer 84 private ownership residences and 62 residences sold in deeded, one-twelfth fractional ownership interests.
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