PacWest Bank to Sell $2.7B in Real Estate and Construction Loans.
TL;DR Summary
Pacific Western Bank is selling $2.6bn in construction loans to Kennedy-Wilson Holdings at a discounted price of $2.4bn. The deal is expected to close in tranches beginning during this quarter and rolling into the next. Kennedy-Wilson will also be assuming the future funding obligations, a total of $2.7bn. The Kennedy-Wilson deal makes a dent in PacWest’s loan book, which held $4.6bn in construction loans across residential and commercial properties in the first quarter.
Topics:business#construction-loans#finance#kennedy-wilson-holdings#loan-book#pacific-western-bank#real-estate-investment
- Pacific Western Bank Selling Construction Loans for $2.4B The Real Deal
- PacWest to Sell $2.6 Billion Real Estate Loans at Discount Yahoo Finance
- PacWest Selling Off $2.6B Construction Loan Portfolio Bisnow
- PacWest Bancorp to sell real estate loans to Kennedy-Wilson unit CNBC
- PacWest stock pops after selling $2.7 billion in real estate loans Yahoo Finance
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