Kennedy Wilson and AXA IM Alts secure €448m for Irish resi complexes

Real estate investor Kennedy Wilson and AXA IM Alts secured a $510 mln (€448 mln), five-year loan for five Irish apartment complexes in their joint venture. 

The loan facility was provided by Wells Fargo and Deutsche Bank at competitive terms.
The refinancing replaces existing debt on the Dublin and Cork properties, which total 1,689 units and represent nearly half of the JV's Irish portfolio. 
The assets include Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, as well as the Elysian in Cork, all fully leased.
The loan, obtained through Eastdil Secured, reflects strong lender interest in the high-occupancy, desirable urban and suburban locations. 
Some of these properties, including the large Clancy Quay development, were built by Kennedy Wilson.
Mike Pegler, president of Kennedy Wilson Europe, said: “This refinancing process satisfied a large 2025 maturity for Kennedy Wilson and generated extremely strong market interest. We secured competitive terms from a diverse pool of over 30 potential lenders, including both local and international banks, insurers and debt funds. This is a testament to the quality of this portfolio as well as the underlying strength of the apartment market in Ireland, where we have invested since 2012.”
Nicola Free, head of Commercial Real Estate EMEA for Wells Fargo, said: “Wells Fargo is delighted to complete this transaction and support Kennedy Wilson and AXA as they continue to provide high quality residential real estate in Dublin.” 
Alexander Krämer, head of Commercial Real Estate Europe at Deutsche Bank, said: “We are very pleased to have successfully completed this important transaction, in continuation of our very strong relationship with Kennedy Wilson and AXA, and also as a reflection of our flexible financing capabilities across all commercial real estate asset classes.”