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PacWest Bancorp (NASDAQ:PACW) stock drove as much as 9.8% in Wednesday premarket trading after the struggling regional lender struck a deal to offload its property lending arm, Civic Financial Services (CIVIC), to real estate financing company Roc360 for an undisclosed amount.
Under the terms of the deal, announced late Tuesday evening, New York-based Roc360 purchased CIVIC’s origination assets, but not its previously extended loans or loan servicing operations.
Since its inception, CIVIC has funded more than $9.4B through its borrower-direct, broker, and correspondent channels.
The move comes just a day after PacWest (PACW), in an effort to strengthen its balance sheet following turmoil across the sector, agreed to sell a portfolio of 74 real estate construction loans with a principal balance of around $2.6B to a subsidiary of real-estate investment firm Kennedy-Wilson Holdings (KW).
Founded in 2014, Roc360 provides real estate investors lending, servicing, insurance and valuation. Through its lending affiliates, it has funded almost $25B in loans throughout the U.S.
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