The Maui News is reporting today that Maui Land and Pineapple and its partners have found funding to replace Lehman Brother’s position as a lender for The Ritz-Carlton Residences, Kapalua Bay.
After news surfaced that Lehman Brothers had declared bankruptcy back in September, the partnership continued financing the construction of the project themselves. Construction continued without substantial delays, and sales of both the whole ownership residences and the fractional residences continued. During this time the partnership sought replacement financing, which is now subject to Bankruptcy Court confirmation (thought to be at the end of January).
While many other high end developments have suspended construction, the Residences are just a few short months away from completion, as is the neighboring Kapalua Spa.