We are pleased to share the latest construction progress for Koloa Village Residential in Kauai, based on a third party site visit conducted on September 9, 2026, and a follow-up discussion with the Contractor's Superintendent on September 23, 2026. At the time of the site visit, no work was in progress because of near island-wide power outages following Hurricane Lowell. Overall, work has continued to proceed without major delay, and the project is now in its final stages.
Site & Structural Progress
Sitework across the development is complete. Framing and roofing are now complete on all 15 buildings, and exterior finish work is complete on all buildings as well. Interior finish work is nearing completion, with the final two buildings, K and L, being the only buildings not yet ready for occupancy.
Occupancy & Permits
Certificates of Occupancy continue to be issued as final County inspections are completed, and buildings are being occupied as soon as their Certificates of Occupancy are issued. Issuance has been somewhat delayed by the impact of the hurricane, as well as a fire at the County building. All required grading and building permits have been issued by the County of Kauai, including the building permit for Building G, and County inspections continue to be conducted.
Interior Finish Work
Several major interior milestones have now been reached. Drywall installation is complete, siding installation is complete, all doors are installed, and all exhaust fans are in place. Painting is closely following the interior finish work, kitchen finish work is nearing completion, and flooring is closely following the other finishes. Most units now have operational fire sprinkler systems, plumbing work is nearing completion, and electrical work is nearing completion pending inspections and testing. Light fixtures have been installed in all but the final two units.
Quality, Safety & Environmental Protections
Based on spot checks of the work to date, construction is proceeding in general compliance with the approved drawings and specifications, with contractors implementing quality control measures consistent with generally accepted industry standards. Safety on site has been good, with no reportable accidents, and site security has likewise been good with no significant losses. Environmental protection measures, including the dust screen around the site, tire cleaning aprons at both construction entrances, and silt fences, remain in place and properly maintained.
Schedule Outlook
Due to weather delays and design modifications, the project is currently running behind the original schedule. The Borrower continues to project completion of the current project work by the end of calendar year 2026, and it continues to appear possible that all remaining Certificates of Occupancy could be issued by early 2027. Current project funding continues to appear sufficient to complete the project work. Timelines remain subject to change based on ongoing construction, permitting, and post-hurricane conditions.
This update reflects conditions observed during a site visit on August 4, 2026.It is provided for informational purposes only and is based on third-party construction monitoring observations. All statements reflect conditions at the time of reporting and are subject to change. No guarantees or representations regarding project completion, performance, or investment outcomes are made or implied.