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Global  + Finance  | 

Kennedy Wilson, AXA Refi Irish Apartments for US$510M

Beverly Hils-based global real estate investment company Kennedy Wilson and AXA IM Alts have completed the refinancing of US$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. The five-year facility was secured from Wells Fargo and Deutsche Bank at competitive terms following a process run by Eastdil, which received strong interest from more than 30 potential lenders.

The assets, including Clancy Quay, Sandford Lodge, the Alliance and Grange East in Dublin, along with the Elysian in Cork, comprise a total of 1,689 units, representing nearly half the JV’s total portfolio of 3,500 rental units. The assets are all fully leased and situated in attractive city center and suburban locations.

Mike Pegler, president of Kennedy Wilson Europe, said, “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.”

Pictured: Clancy Quay. Photo courtesy of Kennedy Wilson Residential.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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