Beverly Hills real estate firm Kennedy Wilson and a partner have purchased the remaining 167 condominiums at downtown’s Santee Village out of foreclosure, the companies announced Monday.

This is the third investment that Kennedy Wilson and RECP/Urban Partners, a real estate development firm with downtown offices, have made together. Financial terms with property owner Bank of America were not disclosed.

Santee Village is an historic structure at the north end of the fashion and garment district that was converted into residential lofts several years ago by MJW Investments. It went into foreclosure in 2008. The deal includes 18,694 square feet of ground floor retail space.

“Santee Village is one of the last opportunities in the current real estate cycle to acquire a condo property in the downtown L.A. area,” said Robert Hart, chief executive of Kennedy Wilson Multifamily Management Group, in a statement. “We feel fortunate to be able to see the project through to completion by offering the condominium homes at prices that meet the needs of the market.”

Debt financing was provided by Deutsche Bank.

Mark Tarczynski and Adam Tischer of CB Richard Ellis represented the buyer and seller in the transaction.

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