Kennedy Wilson Thriving on opportunity

Pacifica

Pacifica is a 32-unit condominium project located near Newport Beach.  Kennedy Wilson acquired the note on the property in December of 2009.  The proposed strategy is to continue with a conventional sales program to liquidate the remaining units at prices consistent with the closed units. The net project revenue after costs of sale and costs of carry will likely return all of the capital invested, and Kennedy Wilson will own the remaining entitled land at a basis of zero.