International real estate company Kennedy Wilson (NYSE: KW) has announced that the company’s Japanese subsidiary refinanced part of its multifamily portfolio in the amount of $63.8 million at an interest rate of 1.70 percent, slated for five years.
Mitsubishi Tokyo UFJ Bank provided the financing, and this transaction follows the partnership’s $262 million refinancing in March of this year.
Early last month, Kennedy Wilson announced two closed transactions with a combined value of approximately $147 million. The real estate company acquired a 100 percent interest in a Northern California office property and a 50 percent interest in an upscale residential project on the Big Island of Hawaii, with other partners.
“We are pleased with the strong relationships that we have with all three of Japan’s megabanks, including Mitsubishi Tokyo UFJ, SMBC and Mizuho,” said Mary Ricks, executive vice chair of Kennedy Wilson.
“Our ability to secure these rates from the country’s top banks is a testament to the quality of our assets and stable cash flow.”
Kennedy Wilson has been active in Japanese real estate since 1992 and, in a separate venture in 2002, became one of the first U.S. real estate companies to go public in Japan.