11:00 AM EST, 11/12/2024 (MT Newswires) -- Kennedy-Wilson Holdings ( KW ) said Tuesday that it closed a $175 million senior construction loan.

The loan will be used for the development of Artwalk Towers in Jersey City, New Jersey, which will house 595 units, according to the company.

The company expects Artwalk Towers to be completed in 2027.

Kennedy-Wilson said it holds a 2.5% stake in the loans closed since the summer of 2024 and earns standard fees as an asset manager.

Shares of the company were down 1.4% in recent trading.

Price: 11.54, Change: -0.16, Percent Change: -1.37