Kennedy-Wilson, PNL Form Fund
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Kennedy-Wilson Inc., a property management and brokerage company, formed a $100-million fund with closely held PNL Cos. of Dallas to buy loans secured by properties during the next 12 months.
PNL and Beverly Hills-based Kennedy-Wilson have already bought a $10-million note secured by a residential property in Southern California.
Kennedy-Wilson is making the investment through its KWP Financial unit, which has been buying distressed real estate and loans since 1994.
PNL was formed in 1993 and has bought more than $250 million in mortgages in the U.S. and Canada. Shares of Kennedy-Wilson held steady at $9 on Nasdaq.
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