Pacific Western Bank completed the sale of a $5.7B loan portfolio to Kennedy Wilson Holdings Inc. in an effort to strengthen its liquidity. PacWest is implementing these measures to reinforce its financial position in response to recent deposit runs at regional banks. According to a statement from Kennedy Wilson, the loans acquired by it include $3.25B in commitments and $1.8B in principal balances. - Cain International and Security Benefit Life Insurance Co. have agreed to buy 10 loans focusing on rental apartments and student-housing developments in NYC.
- Another 12 loans, totaling $800M in commitments, are expected to close on a rolling basis by the end of next month.
- Last month, Kennedy Wilson announced it is acquiring a $2.6B portfolio, a group of 74 loans, at a discounted price of around $2.4B.
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