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BEVERLY HILLS, CA-A joint venture of locally based Kennedy Wilson and New York City’s LeFrak Organization has refinanced a three-property multifamily portfolio with a $71.2 million loan at a 4.39% interest rate. The refinancing is part of a round of multifamily-related activities lately at Beverly Hills-based Kennedy Wilson, which also recently launched its third major high-rise condominium project in Los Angeles’ Koreatown, where the company’s business activity in the area now totals approximately $400 million.

The new debt for the three multifamily properties is a 10-year loan at fixed-rate financing that represents a rate reduction that “will allow the venture to materially lower the leverage on the portfolio, reducing interest expense by $1.5 million a year and thereby increasing income and cash flow,” commented Robert Hart, president and CEO of Kennedy Wilson Multifamily Management Group.

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