LOANS

The following table summarizes Kennedy Wilson's investment in loans at March 31, 2014 and December 31, 2013:



	March 31,		December 31,
(Dollars in millions)	2014		2013
Loans	$	198.1	$	52.7
Loans — related parties	4.1		4.1
Total loans⁽¹⁾	$	202.2	$	56.8

⁽¹⁾Loans have a weighted average stated interest rate of 3.31% and 6.18% at March 31, 2014 and December 31, 2013, respectively, and maturity dates ranging from May 2014 to February 2017. Effective interest rates are higher as certain note receivables were acquired at a discount.

During the quarter ended March 31, 2014, Kennedy Wilson acquired for $152.4 million the loans secured by a five-star hotel located in Dublin, Ireland. As of March 31, 2014, due to foreign currency fluctuations, the loans had a balance of $153.6 million and the investment debt balance was $82.5 million, and are consolidated on Kennedy Wilson's consolidated balance sheet.

Loan income

Kennedy Wilson recognized interest income on loans of $1.7 million and $0.4 million during the three months ended March 31, 2014 and 2013.