TOKYO-Kennedy Wilson has acquired $63.8 million in refinancing for part of its portfolio of 50 multifamily properties in Japan. The Beverly Hills, CA-based firm gained the loan from Mitsubishi Tokyo UFJ Bank at a fixed rate of 1.70% for five years.
The company has been active in Japanese real estate since 1992. The firm, in partnership with its subsidiary here, in March gained another $262 million in refinancing for other portions of the portfolio. The banks involved in that loan were Sumitomo Mitsui Banking Corp. and Tokyo Star.
The subsidiary KW Investment Co. owns and operates more than 2,400 multifamily units in Japan, including seven apartment buildings in Sapporo, north of Tokyo. The portfolio includes the Ichibancho Apartments. The current occupancy rate of the firm’s holdings in Japan is 96%, with the majority of the assets located throughout Tokyo
William McMorrow, chairman at Kennedy Wilson, tells GlobeSt.com Tuesday night that the Japanese real estate market continues to be strong. “Our occupancy is running in the mid-90s. Banks are actively lending again, which, long term, is a strong sign for Japan,” he says.
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