BEVERLY HILLS, CA - International real estate investment and services company Kennedy Wilson (NYSE: KW) today announced that it has acquired a $41 million loan portfolio from a large regional bank. The transaction terms included seller financing and a profit sharing agreement between Kennedy Wilson and the selling bank.
"This acquisition is another example of our ability to find creative ways to help banks sell their loans and to execute deals in a short time frame," Mary Ricks, CEO of Kennedy Wilson's Commercial Investment Group, commented. "We negotiated the deal directly with the seller and were able to complete the transaction in just five weeks." The company's note purchases since December of last year total over $510 million.
Kennedy Wilson also recently announced its acquisition of a large Northern California apartment community, which brings the company's total investments in the last week to over $110 million.
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 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.
Source: Kennedy Wilson