PacWest Bancorp to sell real estate loans to Kennedy-Wilson subsidiary – HiGood
A Pacific Western Bank branch in Encino, California, on Saturday, April 22, 2023.
Morgan Lieberman | Bloomberg | Getty Images
Regional lender PacWest Bancorp said on Monday it entered into an agreement to sell a portfolio of 74 real estate construction loans with an aggregate principal balance of around $2.6 billion currently outstanding to a subsidiary of Kennedy-Wilson Holdings.
PacWest said in a filing it will also sell an additional six real estate construction loans with an aggregate principal balance of approximately $363 million to Kennedy-Wilson.
The transaction is expected to close in multiple tranches during the second quarter and early part of the third quarter of 2023.
