High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Los Angeles  + Finance  | 

Kennedy Wilson, Fairfax Close on First Tranche of $5.7B PacWest Portfolio

Kennedy Wilson and Fairfax Financial Holdings Ltd. have closed on the initial tranche of loans as part of a $5.7-billion portfolio acquisition from Pacific Western Bank. The first tranche of loans totaled $3.25 billion in total commitments and $1.8 billion in current principal balance and was acquired for $1.6 billion. An additional 12 loans totaling $800 million in commitments are expected to close on a rolling basis by the end of July. 

Comprised of floating-rate construction loans, the loan portfolio includes loans located in Kennedy Wilson’s key Western U.S. markets and expands the company’s footprint into new regions across the Southern and Eastern U.S. 

In its role as asset manager, Beverly Hills-based Kennedy Wilson will have ownership of 5% in the loan portfolio. The company is also finalizing arrangements with Pacific Western Bank for certain employees who originated and manage the portfolio to join the Kennedy Wilson team.

Photo of Kennedy Wilson headquarters courtesy of Liberty Glass & Metal. 

Connect

Inside The Story

Kennedy Wilson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action