BEVERLY HILLS - The real estate finance markets responded positively to the Beverly Hills based real estate services and investment firm of Kennedy Wilson allowing it to successfully complete several high-profile real estate transactions totaling over $550 million. The Company has completed $115 million in new financing for a portion of its Japanese multifamily portfolio. Morgan Stanley provided the debt for 17 of its Japanese multifamily assets. The financed properties are located in Tokyo and other major Japanese cities.
Kennedy Wilson and its partner Wachovia have acquired a portfolio of Japanese multifamily properties, comprising over 2,000 units, over the last 15 months for a total investment of over $500 million. "We believe the Japanese multifamily market will continue to show strength and these acquisitions position our company to benefit by becoming a major participant in that market," said William J. McMorrow, chairman of Kennedy Wilson.
In the U.S., Kennedy Wilson Multifamily (KWMF), recently secured debt financing from Wachovia for the acquisition of The Mill at Mill Creek, a 516-unit rental community in Mill Creek, Washington. The project is a joint venture with RREEF. Additionally, in a separate transaction, KWMF and its equity partner AIG Global Real Estate acquired College Park (to be renamed The Grove), a 331-unit apartment property in San Jose, California.
Kennedy Wilson, along with KW Funds I & II, was also active in the office market acquiring 300 California Street, a "Class A" 8-story 122,618 square foot office building in the heart of San Francisco's Financial District. This transaction was completed with Wachovia, Kennedy Wilson's long time partner. Bank of America provided the debt financing for the project. Finally, as part of the $550 million in transactions completed by Kennedy Wilson since late July, the Company and KW Funds I & II purchased The Oaks, a 345,341 square foot office building located on 43 acres in Thousand Oaks, California. The financing for this landmark property was provided by Wachovia Bank.
"These transactions illustrate that a company such as ours with a solid track record of success and relationships built on trust can attract capital even in the current climate of uncertainty in the financial markets," concluded William McMorrow.
Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA. with 20 offices throughout the U.S. and Japan.
Source: PR Newswire