PITTSBURG, CA—Kennedy Wilson has acquired Kirker Creek Apartments, a 542-unit comples in Pittsburg.
Walker & Dunlop, Inc. provided $77.2 million in financing to Kennedy Wilson. Kirker Creek Apartments is a gated garden-style apartment community in Pittsburg, that offers amenities including a 24-hour fitness facility, business center, three pools, racquetball courts and picnic areas.
Walker & Dunlop rate locked the loan 45 hours after receiving a signed application utilizing Fannie Mae’s Early Rate Lock execution.
“We are pleased to expand our current portfolio of more than 4,900 apartment units in the East Bay with the acquisition of Kirker Creek Apartments,” said Kurt Zech, president of Kennedy Wilson’s multifamily management group. Walker & Dunlop¹s due diligence gave us confidence that Fannie Mae’s Early Rate Lock execution was the right answer for this transaction and we appreciate their commitment to understanding our business needs.”
Los Angeles-based senior vice president, Trevor Fase led the Walker & Dunlop team that structured the loan with a 10-year term and five years interest only.
“Kennedy Wilson established time to rate lock as the key factor in this transaction,” Fase said. “This deal was highly competitive and attracted interest from all capital sources, but thanks to our underwriting team and extremely strong partnership with Fannie Mae, we were able to simultaneously underwrite and rate lock this financing in just 45 hours.”