BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson announced that the company and its equity partner have refinanced the existing construction loan on Phase II of Clancy Quay. When complete, Clancy Quay will include 845 units within a high-end multifamily community on the southern banks of the River Liffey in Dublin, Ireland at the historic site of Clancy Barracks. The loan was secured following full delivery of Phase II.

The new €45 million loan carries a fixed-rate of 2.03% maturing in 2025, generating €7 million in cash proceeds. Construction of Phase II of Clancy Quay was completed in summer 2017 and it is expected to be stabilized by Q1 2018.

“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.”

Bought by Kennedy Wilson in 2013, Clancy Quay consists of three phases. The first phase is comprised of 423 fully furnished units and Phase II includes an additional 163 new apartments, townhouses and courtyard houses with high-end interior design finishes, modern kitchens and generous balconies/terraces.

Kennedy Wilson has secured plotting 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. Thirteen of the units in Phase III are currently under construction and will be available in Q1 2018. Once all phases are complete in 2020, Clancy Quay will be the largest apartment community in Ireland with 845 total units.

Residents of Clancy Quay have exclusive access to luxurious amenities, including a state-of-the-art gym, cinema room, game room and chef-style kitchen for events. Clancy Quay is located near Phoenix Park as well as several transportation links including LUAS light rail access at the nearby Heuston Station and Dublin bus routes.

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ATLANTA, GA – Preferred Apartment Communities announced it converted a part of the outstanding principal balance of its real estate loan investment along with an additional equity investment into an approximate 98.0% equity ownership interest in a joint venture that owns a 198-unit, 792-bed student housing community. 

This student housing community is located near Kennesaw State University in the Atlanta, Georgia MSA and is named Stadium Village. PAC’s 98.0% equity ownership interest is held through its indirect, wholly-owned subsidiary Preferred Campus Communities, LLC. 

The developers will maintain an equity ownership interest in the joint venture, and Preferred Campus Management, a dedicated manager of student housing communities and a wholly-owned subsidiary of Preferred Apartment Advisors, the Company’s external manager, will manage the business and operations for the joint venture.  

“We are excited about Stadium Village and its attractive student-centered amenities. This is a fantastic asset with brilliant long-term potential value near a thriving university,” said Paul Cullen, Chief Executive Officer of Preferred Campus Communities, LLC.  Mr. Cullen added, “Since stabilization, the property has operated close to 100% occupancy.”

In connection with the conversion, Stadium Village was refinanced, utilizing a non-recourse first mortgage loan from Prudential Affordable Mortgage Company.  The first mortgage loan is approximately $47.0 million, bears interest at a fixed interest rate of 3.80% per annum, has a seven-year term and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or our operating partnership.

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CHARLESTON, SC – Federal Capital Partners announced the $16.37 million acquisition of Gates at Summerville, a 232-unit, one, two and three bedroom garden-style apartment community in the Summerville area of Charleston, SC. The Gates at Summerville marks FCP’s 6th investment in the Charleston area. 

“Gates at Summerville presented FCP with the opportunity to buy an off-market investment in the thriving I-26 corridor,” said FCP Sr. Associate Alex Cathcart. “Predominantly 2 and 3 bedrooms, this property attracts families seeking Summerville’s desirable schools and high quality of life, and we believe it will benefit tremendously from some well-placed capital improvements. We’re excited to add this acquisition to our growing portfolio in the booming Charlestonmarket.”

FCP plans to add a dog park and a sport court and improve the landscaping, common areas and curb appeal in order to enhance the community experience for residents and their families. The clubhouse, fitness center and pool area were recently renovated. FCP is engaging Bell Partners as the new property management firm.

FCP extends its appreciation to Elliot Calhoun of NAI Avant and Andrew Batkins of Avison Young for representing the buyer and seller in the transaction.

Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets.

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