Reported by Star-Bulletin staff & wire
Thursday, March 6, 1997
Reported by Star-Bulletin staff & wire
Thursday, March 6, 1997
Mitsui Trust & Banking Co. today said it has a new buyer for the mortgage on the Aloha Tower Marketplace. Buyer for Aloha Tower
mortgage foundChad Griffith, Mitsui's attorney, said that the bank plans to sign a letter of intent soon to sell its $60 million loan to an investor group.
Griffith declined to disclose who the investors are or the sale price. He said Mitsui plans to close the deal within the next two to three months. "We are trying to do this with someone who can do it fast," Griffith said at a morning meeting of the Aloha Tower Development Corp., the state agency that oversees the waterfront project.
In August, Mitsui filed a foreclosure suit against Aloha Tower Associates, the project developers, alleging that they had made no payments on a $60 million loan Mitsui made in 1993. The developers earlier had sued Mitsui, alleging that the lender had reneged on more than $600 million in promised financing.
Mitsui had arranged to sell the marketplace mortgage to a group headed by Maui developer Everett Dowling but the deal fell through in January.
The University of Hawaii is seeking proposals for grants to help sustain diversified agriculture that uses fewer herbicides, pesticides and chemicals. UH seeks proposals
for diversified agThe "Low Input Sustainable Agriculture" program includes $30,000 available for Hawaii farmers, qualified agricultural research personnel, and agricultural organizations. Past LISA grants have averaged $3,000. The money can be used to initiate long-term projects but not for farm infrastructure, expensive equipment, or economic development.
Proposals must be postmarked no later than April 14. Send 10 copies of proposals to Lynn M. LeBeck, College of Tropical Agriculture and Human Resources, 3050 Maile Way, room 202A, University of Hawaii at Manoa, Honolulu, HI. 96822. For more information, call 956-9123.
WASHINGTON - Thirty-year fixed-rate mortgages averaged 7.84 percent, up from 7.65 percent last week, according to a national survey released today by the Federal Home Loan Mortgage Corp. Thirty-year mortgages
rise to 7.84 percentThe average rate for 15-year rates climbed to 7.35 percent this week from 7.15 percent last week. One-year adjustable mortgage rates rose to 5.54 percent from 5.49 percent.
A year ago, the 30-year loan rate averaged 7.38 percent, the 15-year 6.87 percent and the adjustable loan 5.40 percent.
