Kennedy Wilson and AXA IM Alts have completed the refinancing of $510 million of maturing debt secured against five stabilized apartment assets in Dublin and Cork, which form part of their 50-50 Irish joint venture established in 2018.
A $510 million, five-year facility has been secured from Wells Fargo and Deutsche Bank at competitive terms following a process run by Eastdil, which received strong interest from lenders. The assets, including Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, as well as the Elysian in Cork, comprise a total of 1,689 units, representing almost half of the joint venture’s total portfolio of 3,500 high-quality, amenity-rich rental units in the city. The assets are all fully leased, with current occupancy at 99.5 percent, and situated in attractive city center and suburban locations.
Several of these communities were designed and built by Kennedy Wilson’s construction management team, including Clancy Quay, which, at
