DEAL OF THE DAY: GE Real Estate Provides $30.3M Loan For Acquisition of Class B Rental Community

By Anuradha Kher, Online News EditorKent, Wash.–GE Real Estate recently provided a $30.3 million loan to Kennedy Wilson Inc. for the acquisition and repositioning of James Street Crossing Apartments, a 300-unit apartment complex in Kent, Wash. The property includes 21 garden-style apartment buildings, clubhouse and fitness center. The complex is located about 20 miles south of Seattle. Built in 1989, the Class B asset is 93 percent occupied. Kennedy Wilson will invest $3.81 million for interior and exterior renovations and increase the number of outdoor parking spaces.Kennedy Wilson Multifamily Management’s west coast division acquires, manages and redevelops multifamily properties. It currently owns 18 value-added apartment buildings totaling 5,366 units in California, Oregon and Washington. In recent years, Kennedy Wilson has turned to GE Real Estate for loans on multifamily homes and office buildings.“GE Real Estate has closed deals for us even when credit has been tight,” says Robert Hart, president and CEO of KW Multifamily Management Group Ltd.  “Its financing solutions have helped us execute on our acquisition strategy.”Angela Azizian, senior director at GE Real Estate, says, “The rental housing market in Kent is strong and the James Street Crossing complex has maintained high occupancy levels. Kennedy Wilson’s long history of success in owning and managing multifamily housing also made this an appealing investment opportunity.”