Kennedy-Wilson Arranges First Mortgage and Mezzanine Financing for Manhattan Multi-Family Project

Apr 05, 2001, 01:00 ET from Kennedy-Wilson, Inc.

    NEW YORK, April 5 /PRNewswire/ -- Kennedy-Wilson, Inc. (Nasdaq:   KWIC), the
 international real estate services, investment and fund management firm,
 announced today that it has successfully arranged for a first mortgage loan
 and mezzanine financing from two separate lenders totaling $23,750,000 for
 120 Greenwich Street on behalf of the owner.  The 103-unit residential
 building located on Greenwich Street and Albany Street in lower Manhattan was
 formerly known as the Carlyle Record warehouse before its conversion to
 multi-family use.
     "Kennedy-Wilson developed significant interest from both first mortgage
 lenders and mezzanine lenders attracted to the high quality residential
 building and the growing residential market downtown," said Samuel Guss,
 Managing Director in the New York office of Kennedy-Wilson.
     Built in 1909, 120 Greenwich Street was used as a record warehouse until
 it was purchased for redevelopment in January 1998.  The owner created
 11 Studios, 89 1-Bedroom Apartments and 3 2-Bedroom Apartments with attractive
 finishes including the decorative reuse of original building columns.  The
 building also contains a restaurant, deli and jeweler on the ground floor.
 
     Founded in 1977, Kennedy-Wilson, Inc. is an international real estate
 investment, services and fund management firm headquartered in Beverly Hills
 with fifteen offices throughout the United States and five offices in Asia.
 The company offers a comprehensive array of real estate services including
 brokerage, asset management, property management, development, investment
 sales and financing.  The firm sources and places debt and equity for the
 acquisition of real estate through its investment and fund management
 divisions.  Kennedy-Wilson is a strategic investor and manager of value-added
 and core portfolio investments, both in partnership with institutional
 investors and in wholly owned projects in the United States and Japan.
 Kennedy-Wilson provides real estate services to Japanese and international
 investors from its offices in Asia, including its regional headquarters office
 in Tokyo.
 
     This release contains forward-looking statements as well as historical
 information.  Statements of goals and strategies and words such as "plan,"
 "believe," "anticipate," "expect," "objectives," "forecast," and "predict" and
 other similar words are intended to identify forward-looking statements.
 These forward looking statements are included in accordance with the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995,
 and involve risks, uncertainties and other factors that may cause the
 company's actual results, performance, or financial condition to be materially
 different from any results, performance, or financial condition suggested by
 the statements in this release.
 
 

SOURCE Kennedy-Wilson, Inc.
    NEW YORK, April 5 /PRNewswire/ -- Kennedy-Wilson, Inc. (Nasdaq:   KWIC), the
 international real estate services, investment and fund management firm,
 announced today that it has successfully arranged for a first mortgage loan
 and mezzanine financing from two separate lenders totaling $23,750,000 for
 120 Greenwich Street on behalf of the owner.  The 103-unit residential
 building located on Greenwich Street and Albany Street in lower Manhattan was
 formerly known as the Carlyle Record warehouse before its conversion to
 multi-family use.
     "Kennedy-Wilson developed significant interest from both first mortgage
 lenders and mezzanine lenders attracted to the high quality residential
 building and the growing residential market downtown," said Samuel Guss,
 Managing Director in the New York office of Kennedy-Wilson.
     Built in 1909, 120 Greenwich Street was used as a record warehouse until
 it was purchased for redevelopment in January 1998.  The owner created
 11 Studios, 89 1-Bedroom Apartments and 3 2-Bedroom Apartments with attractive
 finishes including the decorative reuse of original building columns.  The
 building also contains a restaurant, deli and jeweler on the ground floor.
 
     Founded in 1977, Kennedy-Wilson, Inc. is an international real estate
 investment, services and fund management firm headquartered in Beverly Hills
 with fifteen offices throughout the United States and five offices in Asia.
 The company offers a comprehensive array of real estate services including
 brokerage, asset management, property management, development, investment
 sales and financing.  The firm sources and places debt and equity for the
 acquisition of real estate through its investment and fund management
 divisions.  Kennedy-Wilson is a strategic investor and manager of value-added
 and core portfolio investments, both in partnership with institutional
 investors and in wholly owned projects in the United States and Japan.
 Kennedy-Wilson provides real estate services to Japanese and international
 investors from its offices in Asia, including its regional headquarters office
 in Tokyo.
 
     This release contains forward-looking statements as well as historical
 information.  Statements of goals and strategies and words such as "plan,"
 "believe," "anticipate," "expect," "objectives," "forecast," and "predict" and
 other similar words are intended to identify forward-looking statements.
 These forward looking statements are included in accordance with the "safe
 harbor" provisions of the Private Securities Litigation Reform Act of 1995,
 and involve risks, uncertainties and other factors that may cause the
 company's actual results, performance, or financial condition to be materially
 different from any results, performance, or financial condition suggested by
 the statements in this release.
 
 SOURCE  Kennedy-Wilson, Inc.