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Kennedy Wilson and Fairfax Financial Holdings Acquire $63 Mil Loan on CO Res Community

7/13/20

Per a press release put out by Kennedy Wilson, the firm, along with Fairfax Financial Holdings Limited, has acquired a $63 mil loan for a newly constructed multifamily community in the Boulder, CO region. The senior bridge loan is the first to close in a recently launched $2 bil platform that pursues first mortgage loans secured by high-quality real estate in the Western U.S., Ireland and the U.K.

The senior bridge loan will support the lease-up of the newly constructed project that is located in close range of the Denver and Boulder markets and includes a mix of studios, one-bedroom, and two-bedroom multifamily units and ground-floor retail space. The homes provide easy access to local amenities as well as many outdoor recreation activities.

According to Matt Windisch, Executive Vice President at Kennedy Wilson, the transaction exemplifies the firmís investment strategy of providing capital to strong sponsors with well-built projects in their core markets.

The senior bridge loan will support the lease-up of the newly constructed project that is located in close range of the Denver and Boulder markets and includes a mix of studios, one-bedroom, and two-bedroom multifamily units and ground-floor retail space. The homes provide easy access to local amenities as well as many outdoor recreation activities.

The deal builds on Kennedy Wilsonís growing real estate related debt investment activity. Together with its partners, Kennedy Wilson has purchased or originated approximately $450 mil in real estate related debt over the past year.

The $2 bil debt platform launched in May 2020 is the latest joint venture for Kennedy Wilson and Fairfax, which have partnered on $7 bil in aggregate acquisitions over the past decade, including over $3 bil of real estate related debt investments. In its role as asset manager, Kennedy Wilson is coinvesting alongside Fairfax and is earning customary management and performance fees. Kennedy Wilson invested $16 mil in the debt platformís first loan.




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