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BEVERLY HILLS, CA-Kennedy Wilson has refinanced a portion of itsportfolio of multifamily properties in Japan with a $115-millionloan from Morgan Stanley. William J. McMorrow, chairman of KennedyWilson, tells GlobeSt.com that the new securitized loan providespermanent financing to replace bridge financing on the properties,lengthens the term of the loan and converts it to a fixed rate.

One of the most noteworthy aspects of the deal was that KennedyWilson was able to secure the favorable financing in light of thechanging conditions and uncertainties that developed in the capitalmarkets over the summer, McMorrow points out. “In spite of thesituation in the capital markets, we were able to get all of thesethings done, which is a testament to the relationships we'vedeveloped with lenders over the years,” the Kennedy Wilson chairmanobserves.