The S.S. Monterrey Ltd. Partnership - has raised the $16.8 million necessary to proceed with the refurbishment of the S.S. Monterrey, according to John Broughan, director of marketing for Aloha Pacific Cruises, the company that will operate the vessel.

Broughan said the company expects all of the loan commitments to be in place in the next 10 days, enabling the partnership to purchase the 598-passenger vessel for $85 million from the International Organization of Masters, Mates and Pilots (MMP). The MMP will retain a 10 percent interest and the right to supervise the work force.

Although Wartsila is the major contractor, most of the reconstruction of the hull will be subcontracted to shipyards in Tacoma and Portland, to qualify the ship for U.S. coastal trade. The entire reconstruction is estimated at $30 million.

Aloha Pacific expects to introduce the Monterrey for inter-island cruises in Hawaii by mid­-February, 1988. Average per diems will be $260, Broughan said.