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Kennedy Wilson Refinances Major Northern California Apartment Building

^{Published on 2010-10-21 05:50:34 - Market Wire}
 

BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that the company has replaced the existing financing on Summer House Apartments, a 615-unit Northern California multifamily community that it acquired earlier this year with PCCP, LLC. Terms include a loan of $70.8 million at a ten-year fixed rate of 4.31%.

"We are pleased with the execution of this refinance and the performance of the Summer House property, which is one of the largest communities of its kind in the East Bay."

The announcement follows the recent refinancing of a portion of Kennedy Wilsona™s multifamily portfolio with the LeFrak Organization. Robert Hart, president and CEO of Kennedy Wilson Multifamily Management Group, commented, aWe are pleased with the execution of this refinance and the performance of the Summer House property, which is one of the largest communities of its kind in the East Bay.a

Mitch Clarfield, director of Deutsche Bank Berkshire Mortgage, represented Freddie Mac, the lender on the transaction.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit [ www.kennedywilson.com ].