PacWest Bancorp Sells $2.6 Billion Construction Loan Portfolio

Dow Jones2023-05-22

PacWest Bancorp has agreed to sell 74 real estate construction loans, with about $2.6 billion in aggregate principal balance outstanding, to a subsidiary of Kennedy-Wilson Holdings.

The regional bank said in a securities filing that Kennedy Wilson or its designees will assume the remaining future funding obligations for the acquired loans.

Once PacWest obtains certain consents, it will also sell Kennedy Wilson six more loans with an aggregate principal balance of about $363 million.

As part of the deal, Kennedy Wilson will deposit $20 million into a third-party escrow account that will be refundable until it waives due diligence under the terms of the transaction.

The deal is expected to close in multiple tranches during the second and early part of the third quarter, according to the securities filing.

The sale is part of PacWest's strategy to focus on its core community banking business, the bank said.

Shares rose 3.8% to $5.95 in premarket trading.

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Raymond Phee
2023-05-24
Raymond Phee
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