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HCDA hears financial and management update for Honua Paha senior housing; MDI deliverables not received
Summary
HCDA staff reported a 2025 net loss of $338,000 for the Honua Paha senior rental project and accounts receivable of $309,000; 24 vacant units remained as of Dec. 31. HCDA said Mark Development Incorporated has not supplied five requested deliverables and staff will return with recommendations in March.
HCDA received an update Feb. 4 on the Honua Paha senior rental housing project, a property at 545 Queen Street in Kakaako. Garrett Sasaki, HCDA chief financial officer, presented calendar‑year 2025 financial results and an update on the property manager's contracted deliverables.
Sasaki said the property’s 2025 financial statements show a net loss of $338,000 on an accrual basis and an accounts‑receivable balance of $309,000. He told the board there were 24…
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