Safe & Green Development Corp
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Company profile

Safe and Green Development Corporation is a real estate development company. The Company focuses on the development of sites using purpose built, prefabricated modules built from both wood & steel, sourced from one of Safe & Green Holdings factories and operated by SG Echo, LLC. Its business focus is primarily on the direct acquisition and indirect investment in properties nationally that are further developed into green single or multi-family projects. The Company intends to construct many of the developments using modules built by SG Echo, LLC. It also intends to build manufacturing sites for lease to SG Echo near its project sites. Its business model is flexible, and it anticipates developing properties on its own and also through joint ventures. It also intends to develop the properties that it owns from the proceeds of financings, both at the corporate and project level, and / or sale proceeds from properties that are sold.


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Kennedy Wilson closes first tranche of previously-announced loan purchase from PacWest

6:23 am ET June 9, 2023 (MarketWatch)

Kennedy Wilson (KW) said Friday it closed on the initial tranche of loans as part of a $5.7 billion loan portfolio acquisition from Pacific Western Bank (PACW), just days after it said it would sell a 95% stake in the loans to Fairfax Financial holdings Ltd. . PacWest CEO Paul Taylor said the deal "will improve our liquidity and capital as we continue to implement our announced strategy to return our focus to relationship-based community banking," The first tranche of loans acquired for $1.6 billion by Kennedy Wilson and Fairfax Financial totaled $3.25 billion in total commitments and $1.8 billion in current principal balance. The company plans to close an additional 12 loans totaling $800 million in commitments on a rolling basis by no later than the end of July. Floating-rate construction loans with an average interest rate of approximately 8.6% make up the purchase. About 80% of the portfolio is secured by multifamily and student housing properties and the remainder including mainly industrial, hotel, and life science assets. "We are pleased to expand our debt portfolio in such a significant way, which strategically positions our private credit platform for substantial future growth," said Matt Windisch, executive vice resident at Kennedy Wilson. PacWest stock is up 0.7% in premarket trades. Kennedy Wilson stock is up 8.9% in 2023, compared to an 11.8% gain by the S&P 500 .

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

June 09, 2023 06:23 ET (10:23 GMT)

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