BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Dec. 22, 2011--
International real estate investment and services company Kennedy
Wilson (NYSE: KW) today announced that the company, along
with RECP/Urban Partners and Capri Capital Partners, LLC on behalf of
Capri Urban Investors, LLC, refinanced Serenade, a 400-unit Class A
apartment community in Oxnard, CA. The $54.2 million financing has a
seven-year term and carries a 2.26% rate over LIBOR.
“We are very pleased that the company and its partners were able to
obtain a favorable Fannie Mae adjustable rate mortgage from Deutsche
Bank,” Robert Hart, president of Kennedy Wilson Multifamily Management
Group, said. “This was a fantastic execution which will maximize
property cash flow for this high demand Ventura county asset.”
Serenade is a resort style community consisting of 14 residential
buildings with a wide variety of one, two, and three-bedroom residences.
The community is part of RiverPark, an award winning master planned
development that covers 702 acres and includes retail options such as
Whole Foods, Target and REI in addition to entertainment, offices,
schools and 14 parks. Development in the County of Ventura and in the
city of Oxnard is subject to a number of slow growth initiatives
collectively known as Save Open-space and Agricultural Resources (SOAR).
Pursuant to these laws, future development on the scale of RiverPark is
virtually impossible for a minimum of 18 years without voter approval.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services and investment management. Through
its fund management and separate account businesses, Kennedy Wilson is a
strategic investor of real estate investments in the U.S., Europe and
Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
(310) 887-6294
[email protected]
www.kennedywilson.com