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Highlights

  • $510M five-year facility secured from Wells Fargo and Deutsche Bank
  • Refinancing covers 1,689 fully leased apartment units in Dublin and Cork
  • Reflects lender confidence in Ireland’s stabilized multifamily housing sector

Global real estate investment firm Kennedy Wilson (NYSE: KW), in partnership with AXA IM Alts, has completed the refinancing of $510 million in maturing debt tied to five stabilized apartment assets located in Dublin and Cork. The refinancing pertains to properties under their 50/50 Irish joint venture established in 2018.

The five-year facility was arranged through a competitive process managed by Eastdil, attracting strong interest from more than 30 lenders. Ultimately, Wells Fargo and Deutsche Bank provided the financing under favorable terms. The refinanced assets include Clancy Quay, Sandford Lodge, the Alliance, and Grange East in Dublin, as well as the Elysian in Cork. Together, these properties comprise 1,689 fully leased units—representing nearly half of the JV’s total 3,500-unit portfolio.

The stabilized nature and high occupancy rate of 99.5% across these residential communities contributed to broad market interest in the refinancing process. The assets are located in desirable city center and suburban areas, reinforcing their appeal to institutional lenders.

Notably, several of the properties, including the flagship Clancy Quay development with 877 units, were designed and delivered by Kennedy Wilson’s in-house construction team. Clancy Quay is among the largest multifamily communities in Ireland, spanning 14 acres.

According to Kennedy Wilson Europe President Mike Pegler, the transaction addressed a significant 2025 maturity while highlighting continued demand from both local and international lenders. The outcome reflects ongoing investor confidence in the Irish residential rental market, which has remained resilient in recent years.

Representatives from Wells Fargo and Deutsche Bank emphasized the strength of their relationships with Kennedy Wilson and AXA, citing this deal as part of broader commitments to the commercial real estate sector in Europe.