Norwalk, CT, April 8, 2008 – GE Real Estate announced today it provided a $30.3 million loan to Kennedy Wilson Inc. for the acquisition and repositioning of a 300-unit apartment complex in Kent, WA.
The property, James Street Crossing Apartments, includes 21 garden-style apartment buildings, a leasing office, clubhouse and fitness center. The complex is located about 20 miles south of Seattle.
Built in 1989, the Class B asset is 93% occupied. The borrower will invest $3.81 million for interior and exterior renovations and increase the number of outdoor parking spaces.
Kennedy Wilson Inc., a real estate investment and services firm founded in 1977 with headquarters in Beverly Hills, CA, owns or manages 12,000 multifamily residential units and more than 53 million sq. ft. of commercial space. Kennedy Wilson Multifamily Management – West, the firm’s west coast division that acquires, manages and redevelops multifamily properties, currently owns 18 value-added apartment buildings totaling 5,366 units in California, Oregon and Washington.
In recent years, Kennedy Wilson has turned to GE Real Estate for loans on multifamily homes and office buildings.
“GE Real Estate has earned our confidence and our business because of its ability to close deals for us even when credit is tight,” said Robert Hart, president and CEO of KW Multifamily Management Group, Ltd. “Its financing solutions have helped us execute on our acquisition strategy. We look forward to building on our solid working relationship.”
“The rental housing market in Kent is strong and the James Street Crossing complex has maintained high occupancy levels,” said Angela Azizian, senior director at GE Real Estate. “Kennedy Wilson’s long history of success in owning and managing multifamily housing also made this an appealing investment opportunity.”
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, students housing, regional malls and outlet centers. North America Lending is also a provider of financing solution for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home communities and RV resorts.
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John Oliver
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john.oliver@ge.com
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Notes to editors:
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$79 billion in assets and a presence in 32 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$310 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of GE (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
