BEVERLY HILLS, CA - International real estate investment and services investment firm Kennedy Wilson announced that it has acquired a $342 million loan portfolio from a large regional bank. The acquisition is the first in a newly formed investment platform that Kennedy Wilson has created with a leading international financial institution. The venture will focus on acquiring sub-performing and non-performing commercial real estate loans and originating commercial whole loans and bridge/permanent multifamily loans.
"We are looking forward to executing on this acquisition and sourcing more of these types of deals in the future," said Mary Ricks, vice chair of Kennedy Wilson. "This is a game changing transaction for our company and is an example of our ability to source deals through a proprietary network, including our existing banking relationships."
Chairman and CEO of Kennedy Wilson, William J. McMorrow stated, "The acquisition is a testament to the strength of our platform. We were able to source and close it in 30 days, start to finish. It takes an enormous team effort between Kennedy Wilson, our capital partner and a variety of service providers to close a transaction of this magnitude."
The loan portfolio is composed of residential, hotel, retail, office, land, multifamily and other assets predominantly located in Southern California, where Kennedy Wilson is headquartered.
Founded in 1977, Kennedy Wilson is a vertically integrated real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in Japan and the U.S., including a newly opened office in San Diego, CA. It seeks opportunities in partnership with clients in pursuit of above-market investor returns and increased real estate values. 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.
Source: Kennedy Wilson