Fairfax to pay $2.1 bln for construction loans from Kennedy Wilson's previously-announced acquisition of PacWest loans.
Kennedy Wilson Holdings Inc. said Monday it inked an agreement to sell to Canada’s Fairfax Financial Holdings Ltd. a large portion of a previously announced purchase of a portfolio of real estate construction loans from PacWest Bancorp.
Kennedy Wilson KW and Fairfax Financial FFH will purchase 63 of the 73 initial PacWest PACW loans for about $2.1 billion for loans with roughly $2.3 billion in aggregate principal currently outstanding, according to a filing. Fairfax’s portion of the purchase is 95%. The company said that the aggregate principal balance of the floating-rate loans now carries an average interest rate of approximately 8.6%.
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