Kennedy Wilson reports that, along with RECP/Urban Partners and Capri Capital Partners LLC on behalf of Capri Urban Investors LLC, it has refinanced Serenade, a 400-unit Class A apartment community in Oxnard, Calif. The $54.2 million financing has a seven-year term and carries a 2.26% rate over LIBOR.
‘We are very pleased that the company and its partners were able to obtain a favorable Fannie Mae adjustable-rate mortgage from Deutsche Bank,’ says Robert Hart, president of Kennedy Wilson Multifamily Management Group. "This was a fantastic execution which will maximize property cashflow for this high demand Ventura county asset."
Serenade is a resort-style community consisting of 14 residential buildings with a variety of one, two and three-bedroom residences. The community is part of RiverPark, a development that covers 702 acres and includes retail options such as Whole Foods, Target and REI, in addition to entertainment, offices, schools and 14 parks.