August 24, 2016
Kennedy Wilson acquired University Glen, a 386-unit multifamily community from California State University Channel Islands (CSUCI) in Camarillo, CA for $81 million. The Beverly Hills-based investment firm bought an 82-year leasehold from the university, which plans to lease back housing and retail spaces.
This public-private partnership between CSUCI and Kennedy Wilson is a critical step in the university’s expansion, as it expects enrollment to double by 2025. Kennedy Wilson’s value-add strategy includes renovating unit interiors, improving amenities and adding a new community center, leasing office, clubhouse, and fitness center.
CBRE Capital Markets’ debt and structured finance team of Brian Eisendrath, Brandon Smith and Annie Rice secured $65 million of debt financing for the acquisition. The “complex first mortgage transaction” involved a 7-year floating rate loan through Freddie Mac at a rate of LIBOR + 2.48%.
JLL’s public institutions’ Bob Hunt and its capital markets’ Javier Rivera executed the sale of the leasehold interest.
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