Kennedy Wilson secures debut deal for fund

The Beverly Hills firm has invested out of its $40m Northwest Louisiana Community Development Fund I for the first time.

Kennedy Wilson, the Beverly Hills-based firm, has made a debut investment for its Northwest Louisiana Community Development Fund I.

The firm said the first deal was for a multiphase, mixed use project in Shreveport, Louisana, structured as a joint venture between the fund and local developer, Vintage Realty Company, and the not-for-profit Trinity One Development Corporation. Trinity One is affiliated to a Baptist church.

The acquisition marks an important milestone for the fund, coming one and a half years after the vehicle launched. It raised $40 million in December 2007, and projects net returns of up to 17 percent.

The fund aims to invest in real estate projects in North West Louisiana, including in mixed-use, mixed-income projects, workforce housing and commercial joint ventures with a range of developers and builders in the community.
JPMorgan Chase and TIAA-CREF are investors in the fund, each committing up to $10 million. National Foundations, including the FB Heron Foundation and the WK Kellogg Foundation are also among the LPs.