Kennedy Wilson KW +0.82% announced Friday that it had closed the first tranche of loans in a $5.7 billion loan acquisition portfolio from Pacific Western Bank PACW -0.33%. This comes just days after the bank said it was selling a 95% share of the loans to Fairfax Financial Holdings Ltd. FFH -3.00%. The deal will “improve our liquidity and capital, as we continue to implement the strategy we have announced to return our attention to relationship-based banking.” The $1.6 billion of loans Kennedy The company will close 12 additional loans with a total commitment of $800 million on a rotating basis before the end July. The purchase is made up of floating-rate construction loan with an interest rate average of 8.6%. The portfolio is 80% secured by student housing and multifamily properties, with the remaining mainly being industrial, hotel and life science assets. Matt Windisch is executive viceresident at Kennedy Wilson. “We are delighted to expand our portfolio in such an important way. This strategically positions our platform for future growth,” he said. PacWest’s stock has risen 0.7% in the premarket. Kennedy Wilson’s stock will be up 8.9% by 2023, while the S&P500 SPX is only up 11.8%.