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Kennedy Wilson’s Real Estate Debt Platform Reaches $7 Bil in Originations

3/06/24

Kennedy Wilson’s real estate debt investment platform more than doubled in size in the past year and has reached $7 bil in originations with a strong pipeline of new opportunities.

The milestone comes on the heels of Kennedy Wilson’s acquisition of a $4.1 bil loan portfolio from a regional bank in June 2023 and the subsequent integration of the bank’s lending team, which strengthened real estate debt capabilities and expanded Kennedy Wilson’s presence into key markets across the United States. Since the acquisition of the portfolio, the debt team has closed approximately $500 mil of new loans with $1.3 bil currently expected to close by Q2 2024, focused primarily on multifamily and student housing construction lending opportunities with high-quality sponsors seeking loans in the range of $40-$200 mil.

Kennedy Wilson’s debt platform, originally launched in 2020 and expanded in Europe in 2021, benefits from a unique, unlevered structure. The lending team provides a hands-on approach to each loan, rooted in Kennedy Wilson’s historic strengths in real estate asset management. In 2024, Kennedy Wilson plans to roll out a best-in-class debt servicing platform that will further expand its capabilities.

“The debt platform has become our fastest growing business unit, contributing to a record level of fee-bearing capital for Kennedy Wilson. The platform has positioned us with strong income streams and real time market information that will enable us to source opportunities across the real estate capital stack that will inevitably arise from current market dislocation,” said Kennedy Wilson President Matt Windisch.

“We are also now fortified with the talented lending team that joined us this past summer. As traditional lenders continue to pull back, we are primed to grow this business with high-quality sponsors and follow through on the strong pipeline of loans that will generate attractive returns for Kennedy Wilson in 2024.”

In December 2023, Fairfax Financial Holdings Limited (“Fairfax”) increased its first mortgage capital commitment within Kennedy Wilson’s debt investment platform by $2 bil, bringing total capital commitments across the platform’s various partners to $11 bil, with $4 bil of dry powder. Kennedy Wilson invests alongside its strategic partners with an average ownership of 5% across the debt portfolio and an expected 2.5% average ownership in future loans. In its role as asset manager, the company is also earning customary management fees.




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