August 24, 2016 Comments Off on Kennedy Wilson Acquires CSU Channel Islands MF for $81M Views: 426 California, California News, Los Angeles, West

Kennedy Wilson Acquires CSU Channel Islands MF for $81M

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.

Read More at CBRE

Connect with Kennedy Wilson

Connect with CBRE’s Eisendrath

Connect with JLL’s Hunt

For everything that’s happening in the multifamily market, be sure to register for Connect Apartments on September 15 at the JW Marriott, L.A. Live. 

For comments, questions or concerns, please contact Dennis Kaiser

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , , , , ,

Comments are closed.