03:55 AM EDT, 06/24/2024 (MT Newswires) -- WaFd ( WAFD ) unit Washington Federal Bank said late Friday it has closed the sale of multifamily commercial real estate loans totaling $2.8 billion to Bank of America ( BAC ) .

The bank holding company said it incurred no loss from the transaction.

The sale was priced at 92% of the principal balance, with the discount attributable to changes in interest rates, Washington Federal Bank CEO Brent Beardall said.

Bank of America ( BAC ) is selling the loans to funds managed by Pacific Investment Management Co., Washington Federal said.