PacWest Bank Sells Real Estate Loan Worth $2.6 billion
PacWest Bank (USA) has agreed to sell $2.6 billion real estate loans to Kennedy-Wilson Holdings Inc. in an effort to increase its liquidity.
The loans will be sold at a discount of about $2.4 billion, and Kennedy-Wilson will assume all future financing obligations of these loans. More than half of the portfolio of loans PacWest is selling are real estate and land construction loans.
ph: instagram@mazzella11
The sale of six additional loans for about $363 million to Kennedy-Wilson is subject to shareholder approval. The acquisition is expected to be completed in Q2 and early Q3.
The collapse of Silicon Valley Bank and several other regional banks has shaken similar banks across the United States, sending shares of PacWest down nearly 80% since March 7.
Kennedy-Wilson Real Estate Investment Group, headquartered in Beverly Hills, focuses its operations in the western United States, Great Britain, and Ireland, managing real estate worth $23 billion.
PacWest Bank Sells Real Estate Loan Worth $2.6 billion
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