BEVERLY HILLS, CA—Kennedy Wilson has added a supplemental loan to the existing financing on Summer House Apartments, a 615-unit multifamily community that it acquired with one of its investment partners in 2010. In December, the company and its partner closed a $19.4 million Freddie Mac loan arranged by Berkeley Point Capital. Including this transaction, the financing on Summer House now totals $90.2 million. Kennedy Wilson's initial investment in the property was $2.8 million.
“This transaction exemplifies the company's ability to produce profits in a variety of ways,” said William McMorrow, chairman and CEO of the Beverly Hills firm. “We were able to take advantage of current financing opportunities and return the company's original equity while maintaining ownership in a property located in a growing market.”
Also in December, Kennedy Wilson completed the sale of Rutherford Townhomes, a 66-unit apartment property in Napa, CA, for $8.7 million.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
