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NORTH HOLLYWOOD, CA-A joint venture of Beverly Hills-based Kennedy Wilson Multifamily has acquired the REO 180-unit NoHo 14 Tower at 5445 Lankershim Blvd., financing it via a $40 million mortgage with terms that would not have been possible six months ago, according to the CBRE Capital Markets team that arranged the financing, the mortgage broker says. Senior vice president Brian Eisendrath of the Beverly Hills office of CBRE Capital Markets tells GlobeSt.com that the break-even debt coverage ratio would not have been possible just six months ago.

“The debt-coverage ratio was really the key,” Eisendrath says. “The standard has been more like 1.25. In addition, he says, lenders probably would not have agreed to the two-year interest-free period of the five-year, 5% loan or the 68% leverage.

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