TOKYO-Kennedy Wilson Holdings Inc., based in Beverly Hills, CA and its partner, Toronto-based Fairfax Financial, have closed on five refinance loans totaling $262 million for several apartment buildings owned here. The banks involved are Sumitomo Mitsui Banking Corp. and Tokyo Star.
The subsidiary KW Investment Co. owns and operates more than 2,400 multifamily units in Japan, including seven apartment buildings in Sapporo, north of Tokyo. The current occupancy rate of the firm’s holdings in Japan is 96%, with the majority of the assets located throughout Tokyo. The subsidiary had a currency gain last year of $50 million, according to its fourth quarter report. Kevin Thang, president of the subsidiary, said in a statement that his firm seeks opportunities in every region of Japan.
Kennedy Wilson owns 11,971 units in 78 apartment communities, either directly or through partnerships. Half of the properties are in California, another 30% are in the Pacific Northwest, and the remaining 20% are in Japan.
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