“PacWest to Sell $2.6 Billion Real Estate Loans at Discount”
May 22, 2023
“PacWest Bancorp, one of the US lenders engulfed in the regional banking turmoil, agreed to sell a $2.6 billion portfolio of real estate construction loans amid efforts to shore up liquidity.
Kennedy-Wilson Holdings Inc. will purchase the group of 74 loans at discounted price of about $2.4 billion, it said in a statement Monday. The buyer will also assume all future funding obligations under the loans of about $2.7 billion, it said…
The portfolio of loans PacWest is selling accounts for more than half of its real estate construction and land loans, its filings show. PacWest will sell six more loans to Kennedy-Wilson for about $363 million if it wins certain approvals, the Beverly Hills-based lender said in a separate statement.
Shares of the bank were up 12.5% in early in New York trading…”
https://finance.yahoo.com/news/pacwest-sell-2-6-billion-110805902.html