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Kennedy Wilson expands in Seattle area with $81M purchase

Kennedy WilsonHoldings Inc. said it acquired a multifamily asset in the Seattlesuburb of Auburn, Wash., for $81 million.

The company secured a 10-year loan amounting to $62.6million from Freddie Mac at a fixed-rate of 3.63% to finance the acquisition.It also invested $19 million of equity in the purchase.

The property, Belara at Lakeland, is a 430-unit apartmentcommunity located across 40 acres in the Lakeland Hills masterplanned community.