PacWest Bancorp to offload real estate loans to Kennedy-Wilson
PacWest Bancorp has agreed to sell a portfolio of 74 real estate construction loans worth around $2.6bn to a unit of Kennedy-Wilson Holdings. The bank will also sell an additional six real estate construction loans worth around $363m to Kennedy-Wilson. The sale comes as PacWest has been exploring strategic options and focusing on core products such as homeowners' association banking. The transaction is expected to close in multiple tranches during Q2 and early Q3 of 2023.