Pacific Business News just ran an article sharing how BlackSand Capital, along with American Savings and Central Pacific Bank have funded a loan for the HOA of Discovery Bay to own the beneficial interest in the trust that owns the land.
Discovery Bay Condos in Waikiki
This is HUGE for those that already own at Discovery Bay if/when this goes through. Currently, the owners of these leasehold condos are encumbered by a land lease that is going to expire in 2039.
The HOA has engaged Peter Savio to assist with offering the fee interest to the individual lessees that currently own at Discovery Bay. According to the article, an informational meeting will take place later this year. This is HUGE for those that already own at Discovery Bay. Most likely, these current owners of the improvements will be offered the fee first before it's offered to 3rd party investors. At least that's how the last major fee conversion took place in Waikiki with the Liliuokalani Trust. I covered this back in 2018, when the trust simultaneously offered the the fee interest to owners in Foster Tower, Waikiki Banyan and Waikiki Sunset.
If you're interested in getting in on the action of buying or selling at Discovery Bay prior to the conversion, feel free to contact me for more information.