Global real estate investment company Kennedy Wilson has refinanced the existing construction loan on Phase II of its Clancy Quay scheme in Dublin with its equity partner.
The new €45 mln loan carries a fixed-rate of 2.03% maturing in 2025, generating €7 mln in cash proceeds. Construction of Phase II of Clancy Quay was completed in summer 2017 and it is expected to be stabilised by Q1 2018.
When complete, Clancy Quay will include 845 units on the southern banks of the River Liffey in Dublin, Ireland at the historic site of Clancy Barracks. Acquired by Kennedy Wilson in 2013, it comprises three phases overall.
'We are pleased to obtain favorable fixed-rate financing following the completion and active lease up of Phase II at Clancy Quay,' said Mary Ricks, President and CEO of Kennedy Wilson Europe.
'With over 230 basis points in cost savings, the new loan will enable us to maximize property cash flow as we work to complete the largest apartment community in Ireland. Kennedy Wilson’s multifamily portfolio now includes 2,000 units in Ireland and we remain committed to investing and growing that portfolio for the long-term.'
Kennedy Wilson has secured planning approval for the project’s 2.8-acre Phase III that will consist of a total 259 new units expected to be complete in 2020.
Last week, US property company Kennedy Wilson announced the completion of its earlier-announced merger with its London-listed subsidiary Kennedy Wilson Europe Real Estate, creating an investment and asset management platform worth $8 bn (€6.8 bn).
