The last shoe has dropped in the sale of PacWest Bancorp's portfolio of construction loans: Cain International, a privately held investment firm based in London, is partnering with Security Benefit Life Insurance Co. to acquire 10 loans PacWest held in New York for $1.2B.
The aggregate principal balance of the 10-loan portfolio is approximately $500M, the companies said, in a statement released on Friday. The NY loans are primarily backed by multifamily and student housing developments.
Last month, Kennedy-Wilson Holdings (KW) acquired a portfolio of 74 construction loans from struggling regional bank PacWest Bancorp for $2.4B. Last week, KW announced it is handing off the lion's share of the deal to Fairfax Financial, a Toronto-based insurance company.
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