PacWest sells $2.7B in real estate loans to Kennedy-Wilson unit, stock gains.
PacWest Bancorp has agreed to sell a portfolio of 74 real estate construction loans worth around $2.6B to a subsidiary of Kennedy-Wilson Holdings, as well as six additional loans worth around $363M. The deal is expected to close in multiple tranches in Q2 and Q3 of 2023, subject to satisfactory due diligence by Kennedy-Wilson. PacWest's stock climbed 7.2% in premarket trading following the announcement.