Term Sheet: PacWest continues loan sales with $3.5bn Ares transaction; Los Angeles multifamily mega-complex secures $947m Freddie Mac financing; New York office market gets pricing clarity via SL Green’s 245 Park stake sale

PacWest Bank continues to reduce its balance sheet with a $3.5 billion loan portfolio sale to Ares following similar Kennedy-Wilson, Cain deals; Freddie Mac originates $947 million of financing for Prime Residential’s Los Angeles multifamily mega-community; New York's office market remains viable for high-quality offerings as SL Green sells 245 Park Avenue stake to Mori Trust; and more in today’s Term Sheet, exclusively for our valued subscribers.