Bringing the Vision to Life

‘Ikenakea means “having great wisdom with a specific vision for the community and aiming to breathe this vision into existence in the community”. It is a Hawaiian word that symbolizes the goals of the partnership: to create affordable housing opportunities in the various communities of Hawai’i. Effective low-income housing requires a vision for how a dwelling can become a home and transform the community’s future. We focus on providing quality residences for low-income and workforce housing.

Our approach includes working with the city and county government and community partners to develop, manage, and preserve affordable housing that strengthens communities. Well-versed in the industry, we create projects in everything from new construction to adaptive re-use and substantial rehabilitation. ‘Ikenakea Development dedicates itself to making quality

affordable housing available for families, seniors, and persons with special needs. Our success stems from obtaining low-income housing tax credit allocations for our non-profit, for-profit and housing authority clients. Together, 3 Leaf and HCDB bring complementary strengths to deliver a high-value product to a market that is traditionally the hardest to serve. ‘Ikenakea has a demonstrated ability to deliver on complex projects to serve low-income communities with dignity. We have built 253 LIHTC affordable housing units in Hawai’i, and have another 827 in the pipeline. With decades of experience and a proven track record of successful projects, we aim at continuing to give life to our vision of serving and creating low-income and workforce housing. ‘Ikenakea Development’s projects below are currently in progress.

DFA is currently building multi-family community complexes that meet both individual, urban core/downtown and suburban growth planning needs. This type of development not only benefits communities but is furthermore eco-friendly, utilizes shared resources, and convenient in allowing working individuals to live closer to their job. An affordable choice for working Americans, DFA develops housing that is both attractive and sensible. DFA is a responsible, sustainable development company focused on providing housing throughout California, Hawaii and Texas.

Founded by Daniel Fred in 1982 and more recently joining 3 Leaf Holdings, DFA has provided development, planning and financial consulting services to public agencies, non-profit organizations and private firms since 1982. Focusing its efforts primarily on affordable housing, DFA has served as co-developer and/or financial advisor/development consultant with affordable housing agencies, aiding in designing and implementing programs to meet affordable housing objectives.

To achieve their goals in development, DFA utilizes financing from low-income housing tax credits, tax-exempt bonds, city redevelopment funds, HOME funds and existing permanent loans from USDA-Rural Development, as well as through private equity and conventional lending sources.

DFA is often retained by housing development corporations, housing authorities, cities, counties, and profit development companies interested in both restructuring existing debt and financing the construction of new affordable housing and the infrastructure serving that housing. Specifically in new construction and acquisition, DFA has served as the financial advisor in accessing 9% low-income housing tax credits, as well as 4% low-income housing tax credits with private activity mortgage revenue bonds. This work also has involved securing finances from a variety of other funding sources (e.g., HUD and FHA financing, California Dept. of HCD, Joe Serna Jr. Farmworker Housing Grant Program, USDA/RD 514 and 515 programs, 501(c)3 bonds, CalHFA, HOME, CDBG, Federal Home Loan Bank’s Affordable Housing Program, private foundations and private lenders).

DFA currently serves as the financial advisor to a number of housing authorities in California and is responsible for evaluating portfolios and advising housing authority staffs and Boards of Commissioners in all of their development projects. DFA has assisted these housing authorities in the disposition and demolition of outdated public housing and the redevelopment of the sites with contemporary housing developments.

Measured Risk

While returns are important, we believe that clearly understanding the associated risk is paramount when considering investment opportunities. As such, we apply our extensive and diverse experience in order to vet projects and identify risk, thereby ensuring prudent investment decisions.

Commitment, Communication, and Trust

The relationship between investment manager and investor requires clarity and real time communication in order to achieve a rewarding investment experience in both returns and process. We are committed to creating long term rapport with clients throughout the investment cycle and beyond.

The Power of Knowledge and Expertise

With a world awash with a myriad of opportunities, we keep our eyes, ears, and minds open to explore new and diverse opportunities, while remaining firmly grounded on our guiding principles and expertise. The Terra Massa team’s collective skill set is diverse. Terra Massa has a clear proficiency in commercial real estate, however this collective intelligence and shared experience of the team extends across multiple industries and asset classes, enabling Terra Massa to provide solutions well beyond commercial real estate.