Kennedy Wilson acquires first tranche of $5.7b loan portfolio from Pacific Western Bank

Kennedy Wilson has closed on the initial tranche of loans as part of a $5.7 billion loan portfolio acquisition from Pacific Western Bank.

The first tranche of loans acquired by Kennedy Wilson and certain controlled affiliates of Fairfax Financial Holdings Limited totaled $3.25 billion in total commitments and $1.8 billion in current principal balance. The first tranche of loans was acquired for $1.6 billion. Twelve additional loans totaling $800 million in commitments are expected to collectively close on a rolling basis by no later than the end of July.

“The acquisition of this Loan Portfolio from Pacific Western Bank highlights Kennedy Wilson’s historic ability to find off-market transactions during periods of uncertainty, move with speed, and build on our successful track record of investing through all real estate cycles,” said William McMorrow, chairman and CEO at Kennedy Wilson.

Paul Taylor, president and CEO of Pacific Western Bank, said, “This tr